Virtual Currencies: FinCEN's Next Enforcement Wave?

Law360, New York (June 3, 2015, 10:28 AM EDT) -- The Financial Crimes Enforcement Network, through formal guidance, public appearances, and, most recently, the issuance of its first enforcement action against a virtual currency business, is signaling to participants in the virtual currency industry that a wave of enforcement actions may be imminent. Consistent with FinCEN's prior enforcement initiatives, it is anticipated that FinCEN will begin to examine and review virtual currency businesses and individuals, and a series of potentially significant virtual currency-related enforcement actions are likely to follow.

Ripple Labs Enforcement Action

On May 5, 2015, FinCEN, in coordination with the U.S. Attorney's Office for the Northern District of California...

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