Another set of Bitcoin-related arrests for failing to comply with the Bank Secrecy Act. http://www.cnbc.com/id/101366511

Interestingly, investors in one of the companies include the Winkelvoss twins. Anyone who is involved in Bitcoin or other virtual currency endeavors needs to ensure that they understand and comply with the law. This includes getting licensed when necessary and complying with all disclosure obligations. While there are many legal, sound investment opportunities in this space. Investors should be particularly careful in conducting legal diligence in these companies before investing.

Topics:  Bank Secrecy Act, Bitcoins, Money Laundering, Silk Road, Virtual Currency

Published In: Criminal Law Updates, Finance & Banking Updates, Science, Computers & Technology Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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