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ARTICLE · 29 OCTOBER 2014

FinCEN Releases Two Rulings Classifying A Bitcoin Payment System And Virtual Currency Trading Platform As MSBs

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FinCEN issued guidance in March 2013 clarifying that anti-money laundering regulations concerning record keeping and recording apply to digital currency exchanges.

United StatesFinance and Banking
Jeffrey Neuburger
Jeffrey Neuburger
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In its opening salvo bringing bitcoin under the watchful eye of the federal government, the Financial Crimes Enforcement Network (FinCEN) issued a Guidance (FIN-2013-G001) in March 2013 clarifying that anti-money laundering regulations concerning record keeping and recording apply to digital currency exchanges.  Under this initial guidance, a bitcoin exchange that allows users to buy bitcoin with real currency and sell bitcoin for real currency must file as a money services business (MSB) as defined under the Bank Secrecy Act (BSA) with FinCEN (but a user who simply obtains virtual currency and uses it to purchase real or virtual goods or services would not be subject to FinCEN regulations).

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