As financial service firms expand their use of the bitcoin block chain for trading and business activity, the Financial Crimes Enforcement Network (FinCEN) isn’t missing a beat. FinCEN, an enforcement arm of the U.S. Department of Treasury, has ruled that companies using the bitcoin block chain to transfer precious metals are considered money transmitters and therefore subject to anti-money laundering restrictions. The ruling came in response to a letter from an unnamed company seeking clarification on this point. FinCEN posted the ruling on its website to serve as guidance to financial institutions. Firm Requests Clarification The ruling came in response […]
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