News with the tag "FinCEN"

BitcoinWorld Massachusetts Man Gets 6 Years for Illicit Unlicensed Cash-to-Bitcoin Service In a significant development highlighting the growing enforcement of cryptocurrency laws, a Massachusetts man has been handed a substantial prison sentence. Trung Nguyen, operating out of Danvers, received a s...

Prosecutors in the Samourai Wallet case have denied violating the Brady rule. According to a letter sent to the Southern District of New York (SDNY) filed today, the prosecutors mentioned that they did not withhold exculpatory evidence. In the letter, the prosecutors also urged the judge to deny any...

A new Financial Crime Enforcement Network (FinCEN) report alleges TD Bank did not disclose “suspicious activity” involving two international crypto exchanges. The legal filing comes amid the financial institution's $3 billion penalty for breaking AML provisions. The post TD Group Did Not Disclose “S...

The Alabama Money Transmitter License marks a major milestone in Transak’s US growth as it works toward full state-level coverage.

Two crypto exchanges and two individuals have been sanctioned for ties to underground finance.

Binance will reportedly increase its workforce by at least 1,000 new employees by the end of 2024, with 20% going to compliance roles. Richard Teng, who took over the running of Binance in late 2023 as the exchange’s new chief…

The US Treasury and Federal Reserve plan to redefine “money” used under the Bank Secrecy Act, aiming to include cryptocurrencies and digital assets in new reporting requirements.

In a shocking turn of events, United States Senator Bob Menendez, a Democrat from New Jersey and a known critic of Bitcoin and cryptocurrencies, has been convicted in a major bribery scandal. Menendez is accused of collecting payments in return for using his influence to support the interests of for...

Crypto exchange Bitmex has pleaded guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an adequate anti-money laundering (AML) program, resulting in the company being a vehicle for large-scale money laundering. The DOJ announced this plea following previous legal actions and settle...

BitMEX addresses the DOJ's BSA charge as a past issue, highlighting their compliance improvements and founders' prior penalties.