FinCEN Goes Global In Bitcoin Enforcement

By Harry Dixon (July 27, 2017, 4:29 PM EDT) -- On July 26, 2017, Jamal El-Hindi, acting director of the Financial Crimes Enforcement Network, assessed a $110,003,314 civil monetary penalty against BTC-e — a bitcoin processor — and a civil monetary penalty of $12 million against BTC-e's owner and operator, Alexander Vinnik.[1] Vinnik, a Russian national, was arrested in Greece on July 25.[2]

BTC-e claims to be organized in Bulgaria, organized or otherwise subject to the laws of Cyprus, and apparently maintaining operations in the Seychelles, with web domains registered in countries like the British Virgin Islands, France, Singapore and New Zealand.[3] Nevertheless, this could not keep it from avoiding U.S. jurisdiction, as...

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