Posts Categorized: Currency Trading

SEC on Cryptocurrency Interest-Bearing Deposits

On February 14, 2022, the Securities and Exchange Commission (the “SEC”) issued an order In the Matter of BlockFi Lending LLC (“BlockFi”), ordering it to pay a $50 million civil penalty, to cease and desist its violative actions and to comply with certain other undertakings. The SEC determined that the BlockFi Interest Accounts, among other… Read more »

FATF Issues Guidance on Virtual Assets Including Stablecoins

In October 2021, the U.S. Financial Action Task Force (the “FATF”) issed Updated Guidance for a Risk Based Approach to Virtual Assets and Virtual Asset Providers and a summary of the guidance. In addition to a number of other updates, Part Two, Box 1, deals with so-called stablecoins. Stablecoins purport to maintain a stable relationship… Read more »

Cryptocurrency Rules Significantly Broadened in Japan

On April 3, 2020, the Japanese Financial Services Agency issued amended regulations to carry out changes made last year to the Japanese Payment Services Act and Financial Instruments Exchange Act. The new regulations go into effect on May 1, 2020, and reflect major changes in the regulations. While the changes are extensive and beyond the… Read more »

FinCEN Imposes Fine for Failure to Register as Money Services Business Under Bank Secrecy Act

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) imposed a $35,350 civil money penalty on Eric Powers for failure to register as a Money Services Business under the Bank Secrecy Act.  Mr. Powers was a peer-to-peer exchanger of bitcoin, a digital currency, for nearly two years.  FinCEN has taken the position that such… Read more »