Popular American VC firm Andreessen Horowitz, more commonly known as a16z, is in the news today after it filed a response urging FinCEN to withdraw its proposed rule or at the very least, extend the comment period attached to it. The comment period should be extended so that FinCEN “can engage in a meaningful consultation...Read More
United States Department of the Treasury’s Financial Crimes Enforcement Network (FINCEN) has posted two new job roles and expected to employ strategic policy officers for crypto. According to the posting, the job entails “sensitive and complex tasks” and: Assignments related to virtual currency, cryptocurrency, and emerging technology-related including the issuance of advisories and other guidance...Read More
Only 22% of bankers and financial investigators feel confident detecting crypto-related payments, according to blockchain analytics and cryptocurrency intelligence company – CipherTrace. During a webinar on “How Cryptocurrency Intelligence Tipped the Scales in 2020 Sanctions Evasion,” over 500 attendees from various financial institutions were asked if they felt confident detecting cryptocurrency-related payments flowing through their...Read More
The United States’ Financial Crimes Enforcement Network released a proposed rule change this October that lowered the threshold for Travel Rule information sharing and retention from $3,000 to $250 for all cross-border payments involving U.S financial institutions. What are the implications of such a rule change? Well, at the very least, as it stands, the...Read More
Leaked documents as part of the FinCEN investigation showed involvement of traditional financial firms including one Mayzus Financial Services and its connection to the Mt Gox cryptocurrency hack and theft, in the global financial corruption reports exposed by BuzzFeed News. FinCEN files contain 36 suspicious activity reports (SARs) on Mayzus Financial Services, which is the...Read More
The U.S. cryptocurrency scene might be on the way to seeing clear cut crypto regulations as Congress prepares to consider a new bill detailing modalities for digital asset oversight. Clear Definition for Digital Assets According to Forbes, the proposed bill titled ‘Cryptocurrency Act of 2020’ seeks to provide a clear framework for crypto regulations in...Read More
Crypto exchange giant Binance is currently looking to expand its token trading pair listings for its US platform by as many as 18 new cryptocurrencies. Tron and Tezos On Binance Radar for US Crypto Exchange In a blog post published on Tuesday (December 11, 2019), Binance.US, the American arm of Binance announced that it was...Read More
The US government has singled out cryptocurrencies including Bitcoin as a funding mechanism for the ongoing trend for smuggling the drug fentanyl. FinCEN Advisory Mentions Cryptocurrencies In an advisory issued on August 21, the Financial Crimes Enforcement Network (FinCEN) highlighted the use of “convertible virtual currency” (“CVC”) in facilitating the black market. According to the...Read More
FinCEN director Kenneth Blanco urged casinos to follow the agency’s guidelines in regards to suspicious convertible virtual currency activity. Kenneth A. Blanco, the director of the Financial Crimes Enforcement Network (FinCEN), has urged casinos to follow the agency’s guidelines in regards to suspicious convertible virtual currency (CVC) activity. During his speech at the 12th Annual...Read More
The director of the Financial Crimes Enforcement Network (FinCEN) said the casino industry needs to up the ante on reporting suspicious activities related to digital currencies. Speaking at an Anti-Money Laundering Conference in Las Vegas on August 13, FinCEN director Kenneth Blanco said the agency has not received the amount of suspicious activity reports (SARs)...Read More
