News & Analysis as of

Currency Exchange

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mylan will pay $465 million to federal authorities to resolve claims that it overcharged the Medicaid program by millions for its EpiPen products. Though large, the figure represents about a third of the estimated...more

Digital Currencies: FinCEN Shuts Down Foreign Exchange for Anti-Money Laundering Violations – Another Mt. Gox?

by Locke Lord LLP on

On July 27, 2017, the Financial Crimes Enforcement Network for the Department of Treasury (FinCEN) seized the website of the digital currency exchange BTC-e for allegedly operating a multi-billion dollar money laundering...more

FinCEN Action Demonstrates the Agency’s Ability to Use Anti-Money Laundering Laws Against Non-U.S. Entities

On Wednesday, July 27, 2017, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a $110 million fine levied against BTC-e, a digital currency exchange, for BTC-e’s alleged refusal to abide by...more

UK Financial Sanctions: Extended Reporting Requirements

by Hogan Lovells on

On 8 August 2017, the European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017 (the "Regulations") will come into force. The Regulations "expand the scope of the reporting requirements set out...more

Maryland and Washington Converting to Electronic Surety Bonds on NMLS

by Ballard Spahr LLP on

On August 1, 2017, the Maryland Commissioner of Financial Regulation will start using the new Electronic Surety Bond (ESB) through NMLS....more

Restructuring and Insolvency Bulletin - Issue 1 - 2017 - Supreme Court Lehman Waterfall I decision - foreign currency creditors...

by Dechert LLP on

98% of the liabilities of Lehman Brothers International (Europe) (in administration) (“LBIE”) were denominated in non-sterling currencies. The fall in sterling after LBIE entered administration resulted in significant paper...more

Real Estate Investment in Africa: Is the Honeymoon Over?

by DLA Piper on

The environment for real estate investment in Africa contains a perplexing mix of positive and negative factors. This is quite apart from the obvious fact that, in a continent of 54 countries and wide variations in levels...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber made it official today, announcing that controversial CEO Travis Kalanick will be taking an indefinite leave of absence, though even the announcement and board commentary that followed seemed to highlight the “bad-boy...more

Failure to Register with FINCEN Sustains Guilty Pleas by Virtual Currency Exchangers

by Ballard Spahr LLP on

It is a potential crime to conduct a business that exchanges virtual currency and fail to register with the Financial Crimes Enforcement Network (“FinCEN“), even if the State in which one operates does not impose a similar...more

Future Uncertain After SEC Rejects Bitcoin ETFs

by Goodwin on

On March 10, 2017, the Securities and Exchange Commission (“SEC”) rejected the highly anticipated Winklevoss twins’ COIN bitcoin exchange traded fund (“ETF”), causing the digital currency to plummet 18% in value, to $978.76,...more

Grappling with severe exchange rate fluctuations in assessing the costs of litigation

by Allen & Overy LLP on

The English High Court has recently provided guidance on a novel but practical point, allowing a party benefiting from a costs order to recover additional sums to account for expenditure incurred as a result of exchange rate...more

Coinbase the Latest to Obtain New York BitLicense

by Ballard Spahr LLP on

The New York State Department of Financial Services (“DFS”) has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls to the virtual currency (“VC”) industry, whose advantages in...more

Update on amendments to FX transactions and market

by DLA Piper on

The National Bank of Ukraine (NBU) has made a further step towards liberalising the currency regime for ECA supported lending. These amendments became effective on 30 November 2016. Pursuant to them Ukrainian borrowers and...more

Currency fluctuations and Part 36 offers to settle

by Allen & Overy LLP on

Novus Aviation Ltd v Alubaf Arab International Bank BSC(c) [2016] EWHC 1937 (Comm) is relevant when unforeseen fluctuations in the currency exchange rate between the time of a Part 36 offer and the time of judgment affect...more

Recalling Mt. Gox, Bitfinex Exchange is Latest Target of Bitcoin Hackers

by Goodwin on

On August 2, 2016, Hong Kong-based bitcoin exchange Bitfinex was the latest target of hackers who stole 119,756 bitcoins, for a total loss of approximately $72 million at that time. Some are estimating it to be as high as...more

NBU continues liberalization of foreign currency exchange market

by DLA Piper on

Starting from 29 July 2016, the National Bank of Ukraine (the NBU) has extended the settlement deadlines for export and import transactions to 120 days, as well as changed the rules governing the execution of payments by...more

The Often Ignored Importance of Antitrust Compliance (Part I of II)

by Michael Volkov on

If you ask any Chief Compliance Officer whether their compliance program includes antitrust laws, they will respond quickly and tell you – “Of course we do.” If you follow up you initial question and ask how do you ensure...more

EU Proposal to Address Virtual Currency Exchanges & Wallet Providers in Anti-Money Laundering Laws

by Goodwin on

The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member...more

Brexit and Other Key Issues for CFOs and Corporate Treasurers

by Shearman & Sterling LLP on

On June 23, 2016, the UK electorate voted to leave the European Union in an advisory Referendum. We expect the UK Government to commence negotiations to withdraw and to establish a framework for the UK’s new relationship with...more

South Carolina Enacts its First Law Regulating Money Transmission

by Bryan Cave on

Last month South Carolina joined 48 other states in regulating money transmission with unanimous passage of House Bill 4554. The bill, enacting the South Carolina Anti-Money Laundering Act, provides the framework for...more

EU brings virtual currency exchanges and wallet providers under the EU Anti-Money Laundering Directive

by Reed Smith on

On 5 July 2016, the European Commission (the Commission) adopted a proposal for a directive that, when passed, will begin to narrow the regulatory gap between the U.S. and the EU for virtual currency exchange platforms and...more

Recent China Development – Outbound Investment in Renminbi

by Morrison & Foerster LLP on

BACKGROUND - Due to the recent strong desire to convert Renminbi (“RMB”) funds into foreign currency and remit foreign currency amounts outside of China (“China” or the “PRC”, which excludes Hong Kong, Macau and Taiwan...more

Russian Legislation Update: May 2016

by White & Case LLP on

Currency Control - On 13 April the Government adopted Resolution No. 300 regarding, among other things, currency control bodies. Due to the abolishment of the Federal Service for Fiscal and Budgetary Supervision,...more

China’s Central Bank Issues Further Guidance on Inbound Foreign Debt

by White & Case LLP on

On 29 April 2016, the People’s Bank of China (“PBOC”) promulgated the Circular on the Nationwide Implementation of Prudent Administration of Cross-Border Financings (the “PBOC Circular”). The PBOC Circular came into effect on...more

New Mexico Passes Money Transmitter Licensing Law; Effective Jan. 1, 2017 (Part 1)

by Bryan Cave on

Last month New Mexico passed its first money transmitter licensing law. The State previously only required licensing for the sale of checks and money orders. The new law now covers money transmitters, check cashers and...more

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Cybersecurity

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