News & Analysis as of September 25, 2024

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

Pending Changes to Anti-Money Laundering Program Requirements for MSBs and Other Financial Institutions

Wilson Sonsini Goodrich & Rosati on 8/20/2024

Money services businesses (MSBs), a category which includes money transmitters (e.g., PayPal and other payment facilitators), as well as administrators and exchangers of convertible virtual currencies (e.g., Bitcoin...more

Crypto Payment Products, DeFi Networks and Price Indices Launch; CBDC Report and NFT Royalty Data Published; FinCEN, FTC Address...

BakerHostetler on 12/12/2022

Payments Firms Launch Crypto Products, New DeFi Price Indices Announced - A U.S. fintech company recently announced the launch of a fiat-to-crypto on-ramp, which facilitates fiat-to-crypto payments using “a customizable...more

Karakurt Extortion Group Auctions Data for Ransom

Robinson+Cole Data Privacy + Security Insider on 6/16/2022

On June 2, 2022, CISA (the Cybersecurity and Infrastructure Security Agency), the FBI, the Department of the Treasury and the Financial Crimes Enforcement Network issued a joint Cybersecurity Alert warning companies of the...more

Crypto Products and Mining Initiatives Launch; Sports and Spirits Firms Embrace Blockchain; US Agencies Seek Crypto Input, Address...

BakerHostetler on 5/23/2022

A well-known digital currency investment services company announced the launch of its first European exchange-traded fund (ETF), according to a press release this week. The ETF, which will be traded on multiple foreign...more

Cryptocurrency Exchange Founders Plead Guilty to Bank Secrecy Act Violations

Faegre Drinker Biddle & Reath LLP on 3/4/2022

On February 24, 2022, two of three founders of an off-shore cryptocurrency derivatives exchange, the Bitcoin Mercantile Exchange or “BitMEX,” pled guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an...more

OFAC Warns FFIs And Crypto Sector On Ransomware Attacks

Foodman CPAs & Advisors on 12/14/2021

During the first half of 2021, 68 different ransomware attacks extracted approximately $600 million from victims across the United States. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) says that the...more

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Proskauer - Blockchain and the Law on 10/28/2021

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

How to Use Cryptocurrencies

Cole Schotz on 10/13/2021

Uses of Cryptocurrency Overview- As previously detailed, there are a number of regulations surrounding Cryptocurrencies which vary by location (State Regulations) and by federal agency (FINCEN Regulations, IRS Regulations,...more

Cryptocurrencies And The Commodity Futures Trading Commission

Cole Schotz on 8/10/2021

As previously discussed, there are quite a few regulatory schemes surrounding Digital Assets and Cryptocurrencies. In addition to the FinCen Rulings, each State has its own regulations. The Internal Revenue Service (“IRS”)...more

Cryptocurrencies And The Securities And Exchange Commission

Cole Schotz on 8/4/2021

As previously discussed, in addition to the State Regulations and FinCen Rulings pertaining to Digital Assets and Cryptocurrencies, there are a host of other federal agencies with regulations that affect the industry. The...more

The Anti-Money Laundering Act and Crypto Collide: Non-Fungible Tokens

King & Spalding on 5/19/2021

As NFTs gain popularity, buyers and sellers should consider the potential issues related to federal anti-money laundering laws. While non-fungible tokens (“NFTs”) have existed for several years, the market for NFTs grew...more

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on 4/5/2021

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

SEC Action Could Have Rippling Effects on Future of Cryptocurrency

Snell & Wilmer on 2/24/2021

Many investors, traditional and progressive, are looking hard at cryptocurrency investments as a way to diversify their portfolios. However, there are still multiple known “unknowns” about this new market, including the...more

Investigations Newsletter: Former State Senator Indicted for Fraud, Money Laundering, and Tax Evasion

ArentFox Schiff on 2/8/2021

Former State Senator Indicted for Fraud, Money Laundering, and Tax Evasion - On February 3, a grand jury indicted Sam McCann, former Illinois State Senator and 2018 gubernatorial candidate, for his role in a scheme to misuse...more

Blockchain Week in Review - February 2021

Perkins Coie on 2/5/2021

US Regulatory Developments - US Senate Confirms Janet Yellen as Secretary of the Treasury - The U.S. Senate confirmed Janet Yellen’s appointment as secretary of the treasury after a vote on Monday. Secretary Yellen...more

FinCEN Extends Crypto Rule Comment Period, Crypto Products Launch; Enforcement Agencies Target Crypto Crimes in US, Japan and...

BakerHostetler on 2/1/2021

FinCEN Extends Crypto Rule Comment Period, Crypto Payment Products Launch - This week the U.S. Financial Crimes Enforcement Network (FinCEN) published a notice extending the comment period for its proposed rule that would...more

FinCEN Proposed Rule Halted, Exchanges and Banks Expand Crypto Products, SEC Brings Action Against Token Issuer, Crypto Threat...

BakerHostetler on 1/25/2021

Exchanges and Banks Expand Cryptocurrency Services and Products - A major U.S. cryptocurrency exchange recently announced the launch of its asset hub. The initiative is intended to “streamline the asset listing process … and...more

FinCEN Looks to Rein In Cryptocurrency Transactions

Latham & Watkins LLP on 1/15/2021

A new proposal would subject financial institutions and exchanges to onerous recordkeeping and reporting requirements for certain digital currency transactions. In a surprise release in the waning days of the Trump...more

NY DFS Approves New Stablecoin Co., Blockchain Data Solutions Announced, New Cryptocurrency Regulatory and Enforcement Actions in...

BakerHostetler on 1/11/2021

NY DFS Approves New Stablecoin Company, Crypto Financial Products Continue Growth - New York’s Department of Financial Services (DFS) recently granted a charter under New York Banking Law to a Japanese cryptocurrency firm...more

FinCEN’s Proposed Rulemaking for Cryptocurrency – The Balance of National Security vs. Privacy

Rothwell, Figg, Ernst & Manbeck, P.C. on 1/6/2021

Just before the Christmas holidays, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued proposed rulemaking entitled “Requirements for Certain Transactions Involving Convertible Virtual...more

Patchwork of Cryptocurrency Regulators Increasingly Stitch Together Cooperative Enforcement Efforts

King & Spalding on 11/16/2020

Recent Enforcement Actions and Guidance from DOJ, FinCEN, and OFAC Demonstrate the Increased Commitment — and Cooperation — of Federal Regulators to Police Digital Currencies, Including Their Use in Ransomware Attacks - Amid...more

Bitcoin “Mixer” That Anonymizes Transactions Shaken With $60 Million Penalty From FinCEN

Vinson & Elkins LLP on 11/5/2020

The Financial Crimes Enforcement Network (“FinCEN”) recently hit the founder and primary operator of both Helix and Coin Ninja with a $60 million civil monetary penalty. These companies served as “mixers” or “tumblers” for...more

FinCEN Takes Action Against Bitcoin Mixer for Violating the Bank Secrecy Act

Foley & Lardner LLP on 10/27/2020

On October 19, 2020, The Financial Crimes Enforcement Network (FinCEN) announced its first action against a bitcoin mixer: a $60 million civil penalty against Larry Dean Harmon. Harmon was the founder and operator of Helix...more

Major U.S. Firm Offers Cryptocurrency Services, Blockchain Solutions Launch Across Industries, CFTC Issues Crypto Guidance, FinCEN...

BakerHostetler on 10/26/2020

Major U.S. Payments Firm Launches Cryptocurrency Service as Adoption Grows - This week a major U.S. Internet payments firm announced the launch of “a new service enabling its customers to buy, hold and sell cryptocurrency...more

DOJ Cyber-Digital Task Force Releases Cryptocurrency Enforcement Framework

Kramer Levin Naftalis & Frankel LLP on 10/13/2020

Building off a 2018 alert outlining cyber threats generally, and following the federal indictment for money laundering of the founders of the offshore cryptocurrency exchange BitMEX, on Oct. 8, 2020, the U.S. Department of...more

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