The United States Department of Justice recently filed a lawsuit to recover $60 million that was imposed on Larry Harmon, the operator of a bitcoin mixing service targeted by U.S. law enforcement in 2020. According to U.S. authorities, Harmon had operated an unlicensed money-transmitting business. Violation of the Bank Secrecy Act The United States Department…
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On October 11, the U.S. Treasury department’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) announced that it has settled charges with the cryptocurrency exchange Bittrex. The crypto exchange was accused of sanctions violations and failure to “implement effective sanctions compliance controls” between March 2014 and December 2017. Crypto Exchange…
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“I’m just a regular Bitcoiner caught in the crosshairs,” claimed Mark Alexander Hopkins, also known as Rizzn, prior to serving his prison sentence. Mark Alexander Hopkins, also known by the moniker ‘Doctor Bitcoin’ or their handle Rizzn, has claimed that “transacting Bitcoin p2p is a federal crime” after announcing the sentence in their case to…
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It says users in the United States can expect digital asset services to come in the future. A subsidiary of the Huobi cryptocurrency exchange called HBIT Inc has received its Money Services Business (MSB) license from the United States Financial Crimes Enforcement Network (FinCEN). The Seychelles based Huobi said on July 5 that the license…
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“Prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people,” said FinCEN acting director Him Das. The United States Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department, has warned financial institutions to consider crypto as a possible means Russia may attempt to…
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A California man has been sentenced to three years in federal prison “for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,” the U.S. Department of Justice said. He agreed to forfeit various assets, including seized cryptocurrency. Bitcoin Exchange Operator Sentenced to 3 Years in Jail…
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FinCEN, the U.S. Financial Crimes Enforcement Network, linked more than $5 billion in bitcoin transactions to the most common ransomware variants out there. The organization stated in a report issued last week that the mean average total monthly suspicious amount of ransomware transactions was $66.4 million during the first two quarters of 2021. FinCEN also…
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Emerging technology such as blockchain can change the world for the better, but regulation and innovation must work in tandem. There is often a perceived tension between regulation and innovation. A pervasive narrative has emerged that these two important parts of our society are at odds with each other. In reality, it’s when these two…
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What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations. The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations…
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Michael Mosier will replace Kenneth Blanco as the U.S. government agency’s acting director. The current acting director of the Financial Crimes Enforcement Network, or FinCEN, will bid farewell to the governing body in April. His replacement: Michael Mosier, Chainalysis’ former chief technical counsel. “Director Kenneth A. Blanco today announced several leadership changes impacting the bureau,”…
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