On Thursday (May 9, 2019), the U.S. Financial Crimes Enforcement Network (FinCEN) published new guidelines showing how anti-money laundering (AML) laws apply to Bitcoin and the rest of the cryptocurrency in general.
Mandatory KYC for P2P Bitcoin Trading Platforms
In a tweet published on Friday (May 10, 2019) notable cryptocurrency legal expert Jake Chervinsky provided a summary examination of the key highlights from the FinCEN guidelines.
The main purpose of the 30-page document is to provide regulatory clarity for cryptocurrency businesses in determining whether they are money transmitters under the Banking Secrecy Act (BSA).
0/ A few important points from FinCEN’s recent guidance on how the anti-money laundering (AML) laws apply to the crypto industry.
Let’s talk about the winners, the losers, and all the others caught in between.
— Jake Chervinsky (@jchervinsky) May 10, 2019
According to FinCEN, Bitcoin peer-to-peer trading platforms like Localbitcoins are money transmitters. The regulatory watchdog…