FinCEN Warns Social Media Crypto Projects To Mind Its Rules

Law360 (February 7, 2020, 3:54 PM EST) -- The deputy director of the Financial Crimes Enforcement Network said Thursday that social media and messaging platforms contemplating the establishment of cryptocurrencies need to keep their eye on anti-money laundering laws.

The remarks from Jamal El-Hindi came in a speech before the Securities Industry and Financial Markets Association’s 20th annual Anti-Money Laundering and Financial Crimes Conference in New York.

Though he didn't mention any companies by name, El-Hindi’s comments clearly alluded to ventures like Facebook’s Libra project, which is facing skepticism and circumspection from regulators and lawmakers alike.

In discussing what he called the “evolutionary state” of the financial sector, El-Hindi warned...

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