P2P Bitcoin Trader Penalized By FinCEN

Eric Powers (a peer-to-peer Bitcoin exchanger) has been penalized by the Financial Crimes Enforcement Network (FinCEN) for violating the Bank Secrecy Act’s (BSA) registration. Kenneth A. Blanco director of FinCEN said, “It should not come as a surprise that we will take enforcement action based on what we have publicly stated since our March 2013 Guidance—that exchangers of convertible virtual currency, such as Mr. Powers, are money transmitters and must register as MSBs. In fact, there were indications that Mr. Powers specifically was aware of these obligations, but willfully failed to honor them.”

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