Questions tagged [fincen]

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18 votes
7 answers
7k views

Do USA-based miners need to register with FinCEN?

As seen in recent news, FinCEN has issued a statement on its classification of virtual currencies: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html Hypothetically suppose I mine ...
Streblo's user avatar
  • 705
8 votes
3 answers
862 views

When should an individual or business file a SAR with FinCen?

In the United States, both Individuals and Businesses are required to file a Suspicious Activity Report (SAR) with FinCen when: Individuals who transport more than $10,000 into or out of the United ...
makerofthings7's user avatar
7 votes
2 answers
529 views

Does an exchange of only virtual currencies fall under FinCEN regulations?

If a business only exchanges between say bitcoin, litecoin and namecoin. No fiat currencies. Does it still fall under finCEN's regulations?
Sunjen's user avatar
  • 149
3 votes
1 answer
221 views

Do US based exchanges need to file as an MSB with FinCen?

What other legal requirements are there and what are the costs of compliance?
Shamoon's user avatar
  • 2,849
3 votes
1 answer
270 views

Do bitcoin exchanges based outside of the US who serve US customers have to register with FinCEN as MSBs?

From what I understand, Bitstamp is not registered with FinCEN, whereas Mt.Gox is, does this mean Bitstamp is in danger of being shut down?
user9034's user avatar
2 votes
1 answer
183 views

Does this FinCEN Document mean the Bitcoin Network is a bank?

Read this document and see if you think they are talking about Bitcoin. Here's an excerpt.. Any individual or group of people engaged in conducting, controlling, directing or owning an informal ...
Power ATM's user avatar
2 votes
1 answer
291 views

Do private people mining or exchanging Bitcoin with Fiat fall under FINCEN's definition of "user"?

Fincen's March 2013 report defines: A user is a person that obtains virtual currency to purchase goods or services. An exchanger is a person engaged as a business in the exchange of virtual currency ...
ripper234's user avatar
  • 26.6k
2 votes
0 answers
303 views

Is the BTC-e shutdown legal?

The FinCen, dependent of the Deparment of Treasury shut down the BTC-e exchange and prosecuted for: Violation of anti-money laundering (AML) laws; Acts of money laundering such as the MtGox scandal ...
nelruk's user avatar
  • 161
1 vote
3 answers
539 views

Need an explanation as to why the exchange of BTC for USD is legal

Many have asked if the exchange of BTC for USD is legal, and they will cry "legal" and simultaneously cite FinCEN's regulations for a MSB. However, they never explain if an individual trading BTC ...
ConfusedBTCProspector's user avatar
0 votes
1 answer
690 views

Is it illegal to trade Bitcoin OTC in the United States [duplicate]

I am considering selling Bitcoin OTC. As far as the legalities go, is it legal to anonymously trade Bitcoin for cash without taking KYC information and registering with FinCEN? I know all the "big ...
nooocoin999's user avatar