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.
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
The Trump administration proposes boost to the Treasury’s capacity to police cryptocurrency space.
Trump’s Proposed Budget Snubs Blockchain, Crypto in Crosshairs of Security Service
The deputy director of the U.S. Financial Crimes Enforcement Network says the crypto sector must not abet a “slide backward” in money laundering prevention.
FinCEN: Social Media Crypto Projects Can’t Ignore Money Laundering Risk
Monero’s compliance workgroup concludes that FinCEN Funds Travel Rule does not apply to underlying assets and cryptocurrencies such as XMR.
Monero Compliance Workgroup Says XMR Exempt From Funds Travel Rule
FinCEN’s director says the crypto industry has embraced the agency’s reporting guidelines and are internalizing it into their own reporting and operations.
FinCEN Director Notes Improved Oversight of Cryptocurrency Industry