fincen

FinCEN MSB Definition for Transactions Under $1000 Per Person Per Day

If you do transactions less than $1000 per day per person, as per FinCEN’s definition, you are NOT an MSB. Is that really the case? If you are below this threshold per person per day, are you NOT a Money Services Business? Really? The FinCEN MSB Definition is provided at: https://www.fincen.gov/money-services-business-definition. Transcript: Hello. My name …

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Why Do You Need A Money Transmitter License If You Are Licensed Outside The US?

Did you know that if you are a money transfer company or a bank or even a fintech operating OUTSIDE the United States and you sign-up a US Customer, you are violating a serious US law? The US Government makes no distinction between companies outside the US border to those that operate within the US …

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What recourse do Bitcoin companies operating in the US have in light of the recent ruling by FinCEN?

  On October 27, 2014, the Financial Crimes Enforcement Network (FinCEN) released new guidance for custodial bitcoin exchanges and payment processors, ruling that such companies may be considered money services businesses under US law. The past couple of days have been very hectic. Besides fielding calls from lots of people, everyone is asking the same …

What recourse do Bitcoin companies operating in the US have in light of the recent ruling by FinCEN? Read More »

FinCEN’s new ruling puts Coinbase, Bitpay, Circle and others in deep trouble.

  The US Financial Crimes Enforcement Network (FINCEN) released its opinion on: Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Payment System yesterday (27th October 2014). The ruling which is an update to an earlier ruling of October 2013, in which only Bitcoin Exchanges were subject to the Money …

FinCEN’s new ruling puts Coinbase, Bitpay, Circle and others in deep trouble. Read More »

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