• BitMEX completes user verification
    Regulation

    In wake of indictments, BitMEX completes user verification program

    The cryptocurrency derivatives exchange began putting an anti-money-laundering program in place for all of its users following the indictment of several executives, including former CEO Arthur Hayes

    The Seychelles-based exchange has been under severe pressure since the Oct. 1 indictment, when the four executives were charged with violating the Bank Secrecy Act by failing to put an acceptable user identity verification program in place.

  • a16z promises FinCEN rule court challenge
    Regulation

    Opposition to FinCEN crypto rule grows after a16z promises court challenge

    The industry plans to fight a proposed regulation requiring U.S. exchanges to collect personal data from private wallet-holders

    Major United States-based crypto exchanges Coinbase and Kraken, Twitter founder Jack Dorsey’s fintech Square, and financial services giant Fidelity are among the firms that recently filed comments with the Treasury Department's Financial Crimes Enforcement Network strongly opposing the proposed new rules.

  • FinCEN wallet rule
    Cryptocurrencies,  Politics,  Regulation

    FinCEN drops ‘midnight rule’ regulating private crypto wallets

    U.S. Treasury Department’s Financial Crimes Enforcement Network issued a proposal requiring exchanges to collect personal data from self-hosted wallets

    Essentially, what FinCEN wants is to require banks, cryptocurrency exchanges, and other money services businesses (MSB) to collect identifying data about anyone who wants to transfer $3,000 or more to or from an “unhosted” wallet.

  • CipherTrace Bankers worried AML
    Cryptocurrencies,  Regulation

    CipherTrace: Bankers worried by inability to detect crypto payments

    With growing legal and regulatory attention on anti-money-laundering laws, the blockchain intelligence firm found 80% of bankers fear sanction violations

    The IRS, FBI and other U.S. law enforcement agencies may be trumpeting their success in breaking up everything from child porn rings to al-Qaeda funders, but bankers are not so confident in their ability to even detect crypto-related transactions.