Virtual Currency Dept. of Justice

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
News & Analysis as of

Department of Justice Settles Virtual Currency Enforcement Action

The US Attorney’s Office in the Northern District of California recently settled an enforcement action against Ripple Labs Inc., a Delaware corporation providing virtual currency exchange services. According to the settlement...more

Corporate & Financial Weekly Digest - Volume X, Issue 19

In This Issue: - FINRA's NAC Strengthens Sanction Guidelines Related to Fraud and Suitability - CFTC Revises Interpretation on Forward Contracts with Embedded Volumetric Optionality - CFTC Requests Public...more

Federal Authorities Announce Settlement with Ripple Labs Inc. Resolving Investigation

Federal authorities announced this week a settlement with Ripple Labs Inc. and its subsidiary, XRP Fund II, resolving an investigation by FinCEN and the Department of Justice into violations of the Bank Secrecy Act.  ...more

Recent Key Bitcoin and Virtual Currency Regulatory and Law Enforcement Developments

In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

FinCrimes Update - July 2014 Summary, Volumn 1, Issue 5

FINCEN PROPOSES CUSTOMER DUE DILIGENCE RULE - On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial...more

CFPB to Assume a Larger Role in Virtual Currency Initiatives

On June 26, 2014, the U.S. Government Accountability Office (“GAO”) released a report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report, delivered earlier to...more

FinCrimes Update - Volume 1, Issue 3

On May 8, OFAC released enforcement information regarding “apparent violations” of the Cuban Assets Control Regulations by Canadian subsidiaries of a U.S. insurance company. The U.S. company self-reported 3,560 apparent...more

DOJ Files Criminal Charges Against Former Bitcoin Exchange Head

On January 27, 2014, the Department of Justice publicly announced it had filed criminal charges against Charles Shrem for operating an unlicensed money transmitting business, conspiracy to commit money laundering, and failure...more

Bitcoins and Liability in the Wake of Recent Silk Road Arrests

Last week’s arrests of Robert Faiella, an alleged seller on online marketplace Silk Road, and Charlie Shrem, the CEO of the startup BitInstant, marked a recent round in a series of law enforcement actions against what the...more

Bitcoins Drawing Increased Interest from Congress, New York and Merchants

Given the growing acceptance of Bitcoins, Congressional and state regulator interests have piqued. Two Senate subcommittees— the Senate Committee on Homeland Security and Governmental Affairs and the Senate Committee...more

The Financial Report - Volume 2, No. 21 • November 2013 (Global)

Discussion and Analysis - This week, the Oxford Dictionaries chose “selfie” as the word of the year. It beat out a number of other relatively new Internet and social-media related terms, including “bitcoin.” In...more

State, Federal Authorities Increase Scrutiny Of Virtual Currencies, Emerging Payment Providers

On August 12, New York Department of Financial Services (NY DFS) Superintendent Benjamin Lawsky issued a notice of inquiry about the “appropriate regulatory guidelines that [the NY DFS] should put in place for virtual...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 16, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - PAYMENTS - INSURANCE - E-COMMERCE - Excerpt from...more

Liberty Reserve indictment rocks digital currency world

The indictment sealed on 20 May by a Grand Jury in the Southern District of NewYork, charging defendants operating international online digital currency and money transfer service Liberty Reserve with conspiracy to commit...more

Federal Authorities Announce Major Money Laundering Action Against Virtual Currency Service

On May 28, the DOJ announced the unsealing of an indictment against a global virtual currency service and seven of its principals and employees, alleging that the firm and its employees knowingly facilitated money laundering...more

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