News & Analysis as of September 25, 2024

Bank Secrecy Act

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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 -

Weekly Blockchain Blog - August 2024 #4

BakerHostetler on 8/26/2024

Financial Firms Announce Crypto Initiatives, Stablecoin Growth Continues - A major U.S. crypto investment company recently announced the launch of its Avalanche Trust, which “offers investors the opportunity to gain...more

DOJ Again Charges Crypto “Mixer” Under the BSA and District of Columbia’s Money Transmitters Act

Ballard Spahr LLP on 5/7/2021

In Related Case, Federal Court Holds that Bitcoin-to-Bitcoin “Tumbler” Can Represent “Money Transmission” On April 27, IRS CI and FBI Special Agents arrested Roman Sterlingov, a dual citizen of Russia and Sweden, for his...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 Proposes Lower Travel Rule Thresholds for Fiat and Virtual Currencies

King & Spalding on 11/5/2020

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

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

Corporate Investigations & White Collar Defense - May 2015

Manatt, Phelps & Phillips, LLP on 6/2/2015

It’s an Absolute Privilege to Meet You! Texas Supreme Court Rules That Internal Investigation Report Provided by Shell Oil to DOJ Enjoys “Absolute Privilege” - Why it matters: On May 15, 2015, the Texas Supreme Court...more

Department of Justice Settles Virtual Currency Enforcement Action

Katten Muchin Rosenman LLP on 5/21/2015

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

Federal Authorities Announce Settlement with Ripple Labs Inc. Resolving Investigation

Perkins Coie on 5/7/2015

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

Katten Muchin Rosenman LLP on 11/14/2014

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

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Virtual Currency › Department of Justice (DOJ) › Bank Secrecy Act

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