FinCEN Letters Warning of Compliance Requirements May Set New Precedent – Carol Van Cleef

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    DC Partner Carol Van Cleef commented on letters sent to businesses linked to the digital currency Bitcoin by the anti-money laundering unit at the U.S. Treasury Department. The outreach warns organizations doing business with Bitcoin that they may be money transmitters and required to comply with federal law and regulation. “Is this setting a new standard that in the future if there are any questionable business models there will be notice given before any action is taken?” asked Ms. Van Cleef in the January 6, 2014 Reuter’s piece.  

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