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.
The head of the agency that enforces the Bank Secrecy Act and KYC requirements in the U.S. says the agency aims to help crypto innovate responsibly.
FinCEN Director Blanco Concerned About Bad Actors Hijacking Crypto
Experts believe that Libra’s hiring spree signifies a willingness to comply with existing legal and financial guidelines.
Libra Exec Hirings Suggest Commitment to Anti-Crypto Regulations
An investigation that involved several U.S. federal agencies led to the bust of the darknet operators and seizure of $22 M in cryptocurrency.
US FinCEN Awards Secret Service For Seizing $22 M in Crypto
The Libra Association has appointed former FinCEN and OFAC head Robert Werner as its chief lawyer.
Libra Association Appoints Former FinCEN Head as General Counsel
Bitget, a Singapore-headquartered digital asset platform, has obtained a license from the U.S. Financial Crimes Enforcement Network.
Singapore Crypto Exchange Eyes US Expansion After Registering With FinCEN
U.S. agencies work to handle crypto in sanctions evasion, but may ultimately just cut the country off from an evolving financial world.
US Sanctions Strategy and Crypto: The Cracks Are Showing in Iran
U.S. Congressman introduces Crypto-Currency Act of 2020, hoping to finally lay down the law as to which regulators handle which digital assets.
US Congressman Introduces Crypto-Currency Act of 2020