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Virtual Currency › Cryptocurrency › Compliance

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 -
Awatif Mohammad Shoqi Advocates & Legal...

Regulations On Virtual Assets To Counter Proliferation Financing And Prevent Money Laundering

Awatif Mohammad Shoqi Advocates & Legal... on

The advent and rise of cryptocurrency have been a disruptor to the traditional currency system. Even outside the virtual aspect of the currency, the concept is novel due to its accessibility and the level of anonymity...more

Mintz Edge

Key Considerations for the Prospective Blockchain Investor

Mintz Edge on

Prospective purchasers of blockchain assets can now navigate through global exchanges (i.e., Coinbase or Kraken) to invest in various forms of tokens. Investments in tokens, however, are only the tip of the iceberg for those...more

Carey Olsen

GLI British Virgin Islands blockchain and cryptocurrency regulation 2025, seventh edition

Carey Olsen on

Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

American Conference Institute (ACI) on

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Sheppard Mullin Richter & Hampton LLP

Binance’s Paper Compliance Program Crumples Under OFAC Scrutiny in Largest OFAC Settlement in History

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On November 21, 2023, the U.S. Office of Foreign Assets Control (OFAC) announced its largest settlement in history with the virtual currency exchange Binance. This almost-billion dollar settlement is a part of a larger...more

Shipkevich PLLC

Michigan Suspends FTX Lend Money Transmitter License and Orders FTX US License as Expired

Shipkevich PLLC on

On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc. dba FTX US (“FTX US”) and FTX Lend Inc. Both companies are...more

Holland & Knight LLP

Crypto Company Comes Under OFAC Scrutiny

Holland & Knight LLP on

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 11, 2022, announced a more than $24.28 million settlement with Bittrex Inc. (Bittrex), a Bellevue, Washington-based company that offers...more

Paul Hastings LLP

Top PHive Crypto Enforcement Notes: September Edition

Paul Hastings LLP on

Greetings, and thank you for taking a look at our new monthly crypto enforcement newsletter. Our goal is to share five topics each month that we believe are of significance in the world of crypto enforcement—particularly as...more

Mintz

Cryptocurrency - Compliance Matters

Mintz on

July was a hot month for crypto enforcement, but August is off to a hot start in its own right. On August 2, 2022, the New York State Department of Financial Services (the “Department”) issued a Consent Order with Robinhood’s...more

Sheppard Mullin Richter & Hampton LLP

Thinking of Jumping on the NFT Bandwagon – Are you Prepared?

Sheppard Mullin Richter & Hampton LLP on

“NFT” was 2021’s word of the year. This isn’t too surprising—they’re everywhere! The market cap for NFT transactions jumped from roughly $400 million at the beginning of 2021 to over $7 billion by year’s end. What’s next...more

Akin Gump Strauss Hauer & Feld LLP

Treasury to Companies: Time to Take Ransomware Reporting Seriously

Akin Gump Strauss Hauer & Feld LLP on

On September 21, 2021, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published an updated sanctions advisory, providing guidance to companies on sanctions compliance obligations related to ransomware...more

Faegre Drinker Biddle & Reath LLP

OFAC Issues Sanctions Compliance Guidance for Virtual Currencies

Faegre Drinker Biddle & Reath LLP on

In October, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published new guidance for the virtual currency industry focusing on compliance with the financial industry’s obligations...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Treasury Provides Detailed Guidance for the Virtual Currency Industry on Sanctions Compliance

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On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued detailed guidance to the virtual currency industry, putting virtual currency companies on notice of the ways OFAC...more

McDermott Will & Emery

OFAC Reaffirms Focus on Virtual Currency with Sanctions Law Guidance

McDermott Will & Emery on

On October 15, 2021, the US Department of the Treasury’s Office of Foreign Asset Control (OFAC) announced updated guidance for virtual currency companies in meeting their obligations under US sanctions laws. On the same day,...more

Foley Hoag LLP - Security, Privacy and the...

OFAC Publishes New Guidance for the Virtual Currency Industry

Foley Hoag LLP - Security, Privacy and the... on

The U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published guidance to aid members of the virtual currency industry (ranging from tech companies to brokers to users) in complying with OFAC...more

Kramer Levin Naftalis & Frankel LLP

OFAC Issues Sanctions Compliance Guidance for Virtual Currency Industry

Kramer Levin Naftalis & Frankel LLP on

On Oct. 15, 2021, the Treasury Department’s Office of Foreign Assets Control (OFAC) published sanctions compliance guidance for the virtual currency industry. OFAC acknowledged that virtual currencies are playing an...more

Latham & Watkins LLP

DOJ and Treasury Take Crypto Enforcement to the Next Level

Latham & Watkins LLP on

The DOJ’s National Cryptocurrency Enforcement Team and Treasury’s OFAC are setting their sights on cryptocurrency use in cybercrimes. The US Department of Justice (DOJ) is sharpening its focus on combatting...more

The Volkov Law Group

Takeaways from OFAC’s Sanctions Compliance Guidance for Virtual Assets and Cryptocurrency

The Volkov Law Group on

In early October, OFAC released a guidance brochure on sanctions compliance, specifically tailored for the cryptocurrency and virtual assets industry.  For seasoned compliance veterans, it ends up reading like a refresher...more

Sheppard Mullin Richter & Hampton LLP

Sanctions Compliance for Crypto: OFAC Issues Guidance Targeting Virtual Currency Industry

Sheppard Mullin Richter & Hampton LLP on

Last Friday, the Office of Foreign Assets Control (OFAC) published more targeted guidance for digital asset companies related to compliance with sanctions and best practices for mitigating risks. This guide comes on the heels...more

Perkins Coie

OFAC Releases New Detailed Guidance for the Digital Currency Industry

Perkins Coie on

On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed guidance to date on...more

Bracewell LLP

OFAC Ransomware Update

Bracewell LLP on

On Friday, OFAC published a compliance guide aimed at the virtual currency industry, which promotes sanctions compliance amid the rise of ransomware attacks. Similar to OFAC’s recent advisory, this compliance guide is yet...more

Skadden, Arps, Slate, Meagher & Flom LLP

FINRA Issues Guidance Encouraging Firms To Prepare for Forthcoming Anti-Money Laundering Rules

Skadden, Arps, Slate, Meagher & Flom LLP on

On October 8, 2021, the Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice urging its member firms (i.e., broker-dealers) to consider how they will incorporate the U.S. Treasury Department’s...more

WilmerHale

OFAC Imposes New Sanctions to Thwart Ransomware

WilmerHale on

On September 21, 2021, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) levied its first sanctions against a Russian-operated virtual currency exchange involved in ransomware payments and published an...more

King & Spalding

FinCEN Proposes Lower Travel Rule Thresholds for Fiat and Virtual Currencies

King & Spalding on

In October of last year, we wrote about the challenges faced by virtual currency businesses in complying with the Travel Rule following new guidance from the Financial Action Task Force (FATF) and the Financial Crimes...more

The Volkov Law Group

DOJ Cryptocurrency Guidance Outlines Enforcement Partnerships (Part II of II)

The Volkov Law Group on

DOJ’s Cyber Digital Task Force’s report, “Cryptocurrency: An Enforcement Framework,” provides a comprehensive on the growing partnerships between DOJ and other offices within the executive branch....more

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