Tag: FinCEN

Department of Justice

The Silk Road 2.0 website as well as dozens of other dark market websites were seized as part of a coordinated international law enforcement action involving the U.S. Attorney’s Office for the Southern District of New York, the Department of Justice’s Computer Crime and Intellectual Property Section, and multiple European law enforcement and intelligence agencies. … Continue Reading

FinCEN Issues New Rulings Covering Virtual Currency Exchanges and Payment Processors

On Monday, FinCEN issued two advisory rulings responding to requests for clarification regarding the money transmitter status of two virtual currency companies.  While the advisory rulings are technically limited to only the requesting companies, they strongly suggest that FinCEN considers both virtual currency payment processors and virtual currency exchange platforms to be money transmitters.  In … Continue Reading


FinCEN issued two advisory rulings responding to requests from a virtual currency payment processor and a virtual currency exchange platform regarding their money transmitter status under federal law.  A summary and analysis of the rulings can be found here.… Continue Reading

IRS Clarifies Tax Treatment of Bitcoin and Other Convertible Currencies

The IRS issued Notice 2014-21 yesterday, which describes how the IRS will apply U.S. tax principles to transactions involving virtual currency.  The GAO had previously issued a report on virtual economies and currencies, calling for additional IRS guidance on the basic tax reporting requirements applicable to virtual currencies.… Continue Reading

FinCEN Appears to Clarify Status of Bitcoin Miners in Unpublished Ruling

It appears that FinCEN has, at least to some extent, clarified the status of Bitcoin miners as Money Service Businesses (MSBs) under the federal Bank Secrecy Act (BSA).  Cointext.com has posted the text of an unpublished administrative ruling from FinCEN responding to a request for clarification filed by Atlantic City Bitcoin LLC in June of … Continue Reading

FinCEN’s Bitcoin Letter-writing Campaign

The Financial Crimes Enforcement Network, or FinCEN—the Treasury Department agency that oversees anti-money laundering efforts—has recently sent letters to several Bitcoin-related businesses saying that they may be engaging in money transmission without being registered with FinCEN.  Under FinCEN’s regulations, any entity engaging in money transmission must register as a “money service business,” or face potentially … Continue Reading