Financial Crimes Enforcement Network
https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_NetworkVirtual CurrenciesIn July 2011, FinCEN added “other value that substitutes for currency” to its definition of money services businesses in preparation to adapt the respective rule to virtual currencies.[6]
On March 18, 2013 FinCEN issued an interpretive guidance regarding virtual currencies,[7] according to which, exchangers and administrators, but not users of convertible virtual currency are considered money transmitters, and must comply with rules to prevent money laundering/terrorist financing ("AML/CFT") and other forms of financial crime, by record-keeping, reporting and registering with FinCEN. Jennifer Shasky Calvery, director of FinCEN said, “Virtual currencies are subject to the same rules as other currencies. … Basic money services business rules apply here.”[8]
At a November 2013 Senate hearing Calvery stated, "It is in the best interest of virtual currency providers to comply with these regulations for a number of reasons. First is the idea of corporate responsibility," contrasting Bitcoin's understanding of a peer to peer system bypassing corporate financial institutions. She stated that FinCEN collaborates with the
Federal Financial Institutions Examination Council, a congressionally-chartered forum called the "Bank Secrecy Act (BSA) Advisory Group" and
BSA Working Group to review and discuss new regulations and guidance, with the FBI-led "
Virtual Currency Emerging Threats Working Group" (VCET) formed in early 2012, the FDIC-led
"Cyber Fraud Working Group", the Terrorist Financing & Financial Crimes-led "
Treasury Cyber Working Group", and with a community of other financial intelligence units.[1] According to the Department of Justice VCET members represent the FBI, the Drug Enforcement Administration, multiple U.S. Attorney’s Offices, and the Criminal Division’s Asset Forfeiture and Money Laundering Section and Computer Crime and Intellectual Property Section.[9]
I give them 24 hours. If not i am going to ask these people why i get a 25% devaluation of an asset by some exchanges when my funds ARE LOCKED without any reason. Holy fucking shit i could just be a grandfather interested on this after reading forbes. ENOUGH SCAMS. How many dissapearing exchanges since 2012? 15 already? Incredibly ultra iliquid market being dumped by 25% while 2 of the exchanges BTER and BITTREX hold/lock coins, remove the market.