News & Analysis as of September 23, 2024

Virtual Currency › Foreign Exchanges

+ Follow

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 -

OFAC Finds Digital Assets Trading Platform in Violation of Sanctions

Sheppard Mullin Richter & Hampton LLP on 4/5/2023

On March 31, 2023, the Office of Foreign Assets Control (OFAC) announced a $72,230.32 settlement agreement with Uphold HQ Inc. (Uphold), a global multi-asset digital trading platform, in connection with 152 apparent...more

OFAC Year-in-Review 2021 Part II – Lessons Learned from OFAC’s 2021 Enforcement Actions

Morrison & Foerster LLP on 2/9/2022

Back in July, we took a look at the enforcement actions for the first half of 2021 issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Today’s post – the second half of our OFAC 2021 Year...more

How does El Salvador’s Bitcoin Law Impact U.S.-based Virtual Currency Exchanges?

Woods Rogers on 7/15/2021

In our recent article on the legal framework governing virtual currencies, we briefly discussed the distinction between money transmitters and virtual currency exchanges. In short, transmitters are entities that convert fiat...more

Securing the Weakest Link U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

Polsinelli on 9/16/2020

The U.S. Department of Justice (“DOJ”) filed a civil forfeiture complaint detailing two hacks of virtual currency exchanges by North Korean actors. These actors stole millions of dollars’ worth of cryptocurrency or other...more

You Can Run But You Can’t Hide: U.S. Government’s Cryptocurrency Tracing Capacity on Full Display in Civil Forfeiture Action

Polsinelli on 9/15/2020

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on 1/8/2020

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Blockchain Week in Review - April 2019 #4

Perkins Coie on 5/7/2019

U.S. Developments - New York Attorney General Announces Filing in Connection with Tether, Bitfinex Investigation - On April 25, 2019, New York Attorney General Letitia James announced that her office obtained a court...more

Do I have to file an FBAR if I own Cryptocurrency? Not clear!

Foodman CPAs & Advisors on 9/24/2018

Both the American Bar Association (ABA) and the American Institute of Certified Public Accountants (AICPA) have written letters (3/19/18 for the ABA and 5/30/18 for the AICPA) to the IRS to obtain further definition and...more

Is Your Data Ready to Move to a Uniform Report Submission? NMLS MSB Call Report Adopted for 22 Licenses as of January 1st

Bradley Arant Boult Cummings LLP on 12/16/2016

Seventeen state agencies, affecting 22 license types, have currently committed to adopt the NMLS MSB Call report for Q1 2017 reporting. The NMLS MSB Call Report applies to licensees who conduct the following activities: money...more

Popular European Bitcoin Exchange Suffers Breach

King & Spalding on 1/15/2015

BitStamp, one of the largest Bitcoin exchanges, suspended its services last week and asked customers not to make deposits following a security breach. On January 4, some of BitStamp’s “virtual wallets,” which permit customers...more

FINCEN Virtual Currency Guidance

Pillsbury - Internet & Social Media Law Blog on 7/5/2013

As recently reported, FINCEN issued significant guidance on legal isesues with virtual currency. Shortly thereafter, an enforcement action was intitiated against Mt. Gox, one of the largest bitcoin exchanges for operating...more

11 Results

View per page

Page: of 1

Virtual Currency › Foreign Exchanges

"My best business intelligence, in one easy email…"