FinCEN fines BTC-e $110 million for violating anti-money laundering laws
One of the largest digital currency traders in the world has been assessed a $110 million dollar civil money penalty by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Attorney’s Office of the Northern District of California. BTC-e, or Canton Business Corporation (BTC-e), was the target of the Treasury’s first action against a foreign-located money services business for knowingly violating U.S. anti-money laundering (AML) laws, and was hit with a $110,003,314 penalty. The company was also complicit in their facilitation of digital transactions involving “ransomware, computer hacking, identity theft, tax refund fraud schemes, public corruption, and drug trafficking,” according to an official statement. BTC-e is an online, foreign-based money transmitter that takes fiat currency and virtually all popular cryptocurrencies, including Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin, Ethereum, and Dash. The company processed over $300,000 in bitcoin stolen from Mt. Gox, one of the world’s largest bitcoin exchanges, from 2011 to […]
The post FinCEN fines BTC-e $110 million for violating anti-money laundering laws appeared first on Cyberscoop.
Continue reading FinCEN fines BTC-e $110 million for violating anti-money laundering laws