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Virtual Currency › Bitcoin › Money Laundering

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Ballard Spahr LLP

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

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It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

Morrison & Foerster LLP

Bitcoin Is “Money” For Purposes Of D.C. Money Transmission Law, Says Federal Court

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A recent federal district court ruling in a criminal anti-money laundering case suggests that the transmission of virtual currency on behalf of another person requires a state money transmission license—even if the state’s...more

Polsinelli

Superman29 - Welcome to the Phantom Zone

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In a lesson to everyone that the use of foolish monikers will come back to haunt you, Kais Mohammad, 36, a.k.a. “Superman29,” has met his Kryptonite - the U.S. Department of Justice. ...more

Fox Rothschild LLP

Sorry, No Picture Of George Or Abe, But Still Money

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Recently, the United States District Court of the District of Columbia refused to dismiss money laundering charges against a defendant who was allegedly engaged in a darknet cryptocurrency scheme. See U.S. v. Harmon, Case...more

Orrick - On the Chain

FinCEN Sends Message to the Virtual Currency Industry: The Travel Rule Applies to You, Too

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FinCEN Director Ken Blanco addressed this year’s Consensus Blockchain Conference on May 13, 2020. In a set of prepared remarks, Blanco recognized the unprecedented challenges that the COVID-19 pandemic has created for...more

Polsinelli

Take the Money and Run - Bitcoin Transfers (even within the same state) Provide Basis for Federal Jurisdiction in Money Laundering...

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Earlier this month, the Ninth Circuit Court of Appeals affirmed the money laundering convictions of Thomas Costanzo, a bitcoin broker. According to Costanzo, the bitcoin transfers at issue, which originated from and were...more

Ballard Spahr LLP

Two Chinese Nationals Charged with Money Laundering Over $100 Million in Cryptocurrency for North Korea

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Case Sheds Light on Latest Methods to Evade Detection: “Peeling” Chains - On March 2, the U.S. government sanctioned and indicted two Chinese nationals for helping North Korea launder nearly $100 million in stolen...more

Polsinelli

BitBlog Bi-Weekly Update - March 2020

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Strikeout for Bitcoin ETF -   Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Hogan Lovells

U.S. man charged with operating darknet-based bitcoin 'mixer' that laundered $300 million

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The U.S. Department of Justice (DoJ) has indicted a man from Ohio for running Helix, a darknet-based cryptocurrency laundering service that is alleged to have laundered bitcoins worth $300 million....more

Hogan Lovells

Michigan man sentenced to prison and ordered to repay $210,000 in crypto scam

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A man from Michigan has been ordered to repay about $210,000 for his role in a cryptocurrency scam. The fraudster solicited investments from two people, promising them large returns, but he used the investment proceeds to buy...more

Ballard Spahr LLP

IRS CI Highlights International Efforts to Tackle Cryptocurrency Abuse, Money Laundering and Tax Evasion

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ABA Tax Fraud Panel to Discuss IRS CI and Crypto Criminals - The Internal Revenue Service – Criminal Investigation (IRS CI) has made it clear that it is focusing on the abuse of digital currencies to further tax evasion,...more

Orrick - On the Chain

In Case You Needed A Reminder – AML/CFT Regulations Apply to Transactions in Cryptocurrencies

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Earlier this month, the leaders of the U.S. Commodity Futures Trading Commission, the Financial Crimes Enforcement Network, and the U.S. Securities and Exchange Commission released a joint statement reminding individuals...more

Foodman CPAs & Advisors

If you Exchange Virtual Currency, you are a Money Transmitter and must comply with the Bank Secrecy Act (BSA)

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FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities...more

White & Case LLP

Cryptoassets and Open Source Software: UK proposes gold-plating transposition of the EU Fifth Money Laundering Directive

White & Case LLP on

Currently, cryptoasset exchanges and wallet providers are not generally required (depending on their business model) to identify their customers, monitor transactions or report suspicious activity. On 15 April HM Treasury...more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2019: A U.S. Regulatory Patchwork Quilt: Cryptocurrency and Money Transmitter...

Dechert LLP on

According to its original design, Bitcoin was intended to reduce market participants’ need to rely on “financial institutions serving as trusted third parties to process electronic payments.”1 While Bitcoin and other...more

The Volkov Law Group

2019 Cryptocurrency Regulations – A Primer and What to Expect Throughout the Year

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You’ve heard this before, but it still holds true – cryptocurrency regulations are coming. Everyone knows they’re inevitable, and there has been some trepidation amongst investors that regulations will disrupt innovation and...more

Foodman CPAs & Advisors

Comentarios del Director de FinCEN sobre las Deficiencias en el Cumplimiento de la Moneda Virtual

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El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la Conferencia Técnica (Legal) Chicago-Kent Block 2018. Los puntos más destacados de sus comentarios incluyen...more

K2 Integrity

Virtual Currency Regulation: It’s Here. It’s There. It’s Everywhere.

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The European Union’s Fifth Anti-Money Laundering Directive recently became binding upon EU Member States. This latest directive must be enacted by member states by January 10, 2020. ...more

Foodman CPAs & Advisors

FinCEN’s Director Comments on Virtual Currency Compliance deficiencies

Foodman CPAs & Advisors on

On August 8, 2018, FinCEN Director Kenneth A. Blanco, delivered a speech at the 2018 Chicago-Kent Block (Legal) Tech Conference. Highlights from the commentary include...more

Foodman CPAs & Advisors

The “J5” is on to Cryptocurrencies

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The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more

Hogan Lovells

Jersey issues ICO guidance

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What has happened? The Jersey Financial Services Commission (JFSC) has issued a guidance note on its approach to initial coin offerings (ICOs)....more

Ballard Spahr LLP

Unlicensed Bit Coin Exchange Operator Sentenced to One Year and a Day for Attempted Money Laundering in Undercover Sting Operation...

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Earlier this month, the District Court for the Central District of California imposed a prison sentence of one year and a day, with three years of supervised release, on defendant Theresa Lynn Tetley, who had pleaded guilty...more

Carlton Fields

In Crypto Litigations Mandatory Arbitration Agreements May Not Be Immutable

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Permissionless blockchains, like the one underlying the bitcoin payment network, were created to provide the public with transparency over transaction information and records....more

Ballard Spahr LLP

Global Regulators to Maintain AML Pressure on the Cryptocurrency Industry

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On February 23, the Financial Action Task Force (“FATF”) signaled that the inter-governmental body “will step up its efforts in monitoring the use of cryptocurrencies in money laundering.” ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Walmart’s shares took a hit yesterday on Q4 results that showed slowing online sales and below-expected earnings despite a rise in revenue....more

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