Bitcoin businesses tend to attract crypto enthusiasts as employees. But does allowing your employees also to be your customers cross an ethical (or legal) line? Let's say you work for a prominent cryptocurrency exchange. The exchange is considering listing a brand new coin. We'll call it Bobcoin....
The time has come for entrepreneurs in the bitcoin and cryptocurrency space to implement robust consumer protection protocols. Here's how. Consumer protection is an evolving topic in cryptocurrency. Though crypto continues to attract growing consumer interest, concrete information on the risks of transacting isn't often readily...
Are U.S. cryptocurrency regulations too strict? While critics say that the U.S. regulatory system is stacked against the crypto market, the truth is more nuanced. Still, no one disagrees that improvements could be made. One of the quickest lessons entrepreneurs entering this space need to learn is...
An AML employee training program is critical to the success of BSA/AML compliance for cryptocurrency businesses, but only truly effective if it includes these key elements. Training your new employees on policies and procedures seems like a no-brainer; it's a check-the-box activity. But thinking of it that...
These are the respective risks and compliance countermeasures for the top three most common cryptocurrency business models. If you're an entrepreneur, we'll explain the high-level AML compliance considerations for: Bitcoin ATMs Exchanges P2P Lending If you want to start a business in the cryptocurrency space, there are...
There are over 2,000 Bitcoin ATMs in the United States alone. If you're curious about investing in cryptocurrency, one of these machines might be the easiest way to make a purchase. But how do you use them, and most importantly, how do you know if they're...
A lot of good KYC data can be collected simply by asking to see an ID. Here's what to look for, and what might potentially require you to decline a transaction. For anyone new to AML compliance, topics like Know Your Customer/Customer Due Diligence (KYC/CDD) can sound...
Billions of dollars have been laundered through cryptocurrency exchanges — bitcoin businesses often find themselves on the front lines Money laundering is a significant problem for the world economy. UN figures estimate that upwards of 2 trillion (yes, with a "t") in U.S. dollar-equivalent is laundered through...
Robust risk analysis of the coins offered by money services businesses, including bitcoin ATMs, is an industry best practice that will eventually become a formal AML compliance requirement. When you started your business, you probably didn't think too much about the "risk profile" of the tokens...
You might be good at getting your compliance in tip-top shape ahead of an annual review, but could your business pass a surprise examination today? Cryptocurrency businesses that emphasize a culture of compliance are businesses that are built for the long haul. But what does it...
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