Topic: [2017-03-29]Bitcoin Exchanges Must Comply with U.S. Laws (Read 331 times)
Doesn't really come as a surprise. Bitcoin is no longer the tiny dot that people were joking about as was the case years ago. I however find it frustratingly difficult to see the value of certain laws regarding AML. I have the impression that in some cases it's done to slow down Bitcoin as it doesn't really add anything to preventing money laundering by whatever entity. It's not the first set of laws people/services must comply with, and definitely not the last.
Bitcoin exchanges, miners, and cryptocurrency-payment processors, operating in the United States are required to comply with federal Anti-Money Laundering (AML) laws.
That means a cryptocurrency user can be prosecuted for violating a number of federal laws. Anybody who converts BTC to USD and sends the money to or from the United States must comply with all AML laws and regulations.
Such laws and regulations are imposed by the U.S. Treasury Department affiliate, FinCEN. The Financial Crimes Enforcement Network is in charge of enforcing the policies and regulations, which serve as a security measure for conducting any financial activity within the U.S. borders.
You can read a big full article here: https://coinidol.com/bitcoin-exchanges-must-comply-with-us-laws/
That means a cryptocurrency user can be prosecuted for violating a number of federal laws. Anybody who converts BTC to USD and sends the money to or from the United States must comply with all AML laws and regulations.
Such laws and regulations are imposed by the U.S. Treasury Department affiliate, FinCEN. The Financial Crimes Enforcement Network is in charge of enforcing the policies and regulations, which serve as a security measure for conducting any financial activity within the U.S. borders.
You can read a big full article here: https://coinidol.com/bitcoin-exchanges-must-comply-with-us-laws/
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