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ARTICLE · 15 OCTOBER 2020

Prosecutors And Regulators Focus On Cryptocurrency Platforms And Anti-Money Laundering Requirements

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Prosecutors and regulators are signaling an intent to expand accountability amongst cryptocurrency platforms under U.S. laws and regulations, including the Bank Secrecy Act (BSA).

United StatesTechnology
A&O Shearman
A&O Shearman
Donna Parisi
Donna Parisi
Mark Chorazak
Mark Chorazak
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Prosecutors and regulators are signaling an intent to expand accountability amongst cryptocurrency platforms under U.S. laws and regulations, including the Bank Secrecy Act (BSA). On October 8, 2020, the United States Department of Justice (DOJ) released a report on enforcement challenges and areas of focus related to entities dealing in cryptocurrency. The report came shortly after the DOJ and the Commodity Futures Trading Commission (CFTC) announced an indictment and civil charges against directors and entities related to BitMEX, a platform for trading in futures contracts and other derivatives tied to cryptocurrencies, for failing to register with the CFTC as a Futures Commission Merchant (FCM) and to implement proper anti-money laundering (AML) measures.

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