The Financial Crimes Enforcement Network, or FinCEN, is a bureau of the U.S. Department of the Treasury that specializes on analysis of all financial operations in order to prevent terrorist financing, money laundering, etc. FinCEN was founded in 1990 and currently is headquartered in Vienna, VA. In 2013, FinCEN issued Bitcoin and virtual currency guidance concerning creating, obtaining, distributing, exchanging, accepting or transmitting virtual currencies. By this guidance, the companies that provide cryptocurrency-related services must report all data to the government so that it can prevent money laundering. There are also definitions for various kinds of cryptocurrency users and their responsibilities while working with digital currencies.
Had it been Coinbase or Nexo, he agreed with speculation that law enforcement would have been knocking on the door the next day.
Nexo founder feels vindicated by the FinCen leak, talks of double-standards
The leaked documents show many banks 'enabling' money laundering.
FinCEN leak suggests new AML measures may not go far enough… for banks
FinCEN is preparing to modernize its AML requirements for financial institutions to greater respond to the dynamic threats posed by “illicit finance.”
FinCEN announces sweeping money laundering regulations overhaul
The U.S. will likely continue enacting laws to support the use of blockchain technology for purposes beyond securities and digital currency.
Blockchain regulation: Speedbumps, roadblocks and superhighways
FinCEN issued a statement on cybercrime in light of COVID-19.
FinCEN Releases Cybercrime Statement In Lieu of COVID-19
Laundering money with Bitcoin is actually an ineffective strategy because of its complexity and high risk.
Comparing Money Laundering With Cryptocurrencies and Fiat
Operating a Bitcoin ATM could indeed be a lucrative business endeavor, but it just got a whole lot more complex.
Complex Compliances: Checklist for Crypto ATM Operators