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In 2014, JPMorgan Chase Bank, N.A. admitted to violating the Bank Secrecy Act. The bank had failed to report dubious transactions which were connected to fraudster Bernard Madoff's Ponzi scheme. The Financial Crimes Enforcement Network (FinCEN) fined JPMorgan $461 million. Then, in 2016, FinCEN went after Gibraltar Private...
Malta is home to some of the world's most beautiful historic sites; now, it's setting itself up to be the world's cryptocurrency hub. In early July 2018, the Parliament of Malta effectively enacted three bills into law that provided legal certainty for cryptocurrency. Some of the...
Blockchain technology's ability to decentralize systems is both its blessing and its curse. On one hand, proponents of the technology praise decentralization as its biggest benefit. They're not wrong. Nobel Prize winner Ronald Coase once proposed that dealmaking was more productive when done collectively. Blockchain technology...
To regulate or not to regulate? For many lawmakers, that is the question surrounding cryptocurrency exchanges. Some countries have already begun to regulate cryptocurrency exchanges as they would banks. South Korea, for example, recently unveiled plans to recognize its local exchanges as regulated banks. Several proponents...
The findings of a recent study making waves online might prove disturbing, but beyond the headlines, we have yet another perfect opportunity to revisit AML compliance and what it means in our nascent industry. The study, conducted by analytics group P.A.I.D Strategies, revealed that 68% of cryptocurrency...
What comes to mind when you hear the term "Privacy Coin"? Does it sound like something that would cause a national security crisis? According to a new report, the U.S. Secret Service has recently become more interested in privacy coins like Monero and Zcash and their potential for criminal use....
"Bitcoin is a market for criminals and millennials." This sentiment, expressed by economist Dennis Gartman, is common amongst many cryptocurrency critics today. We've encountered some of these adversaries of cryptocurrency firsthand. While attending an alumni event not too long ago, for instance, we spoke with a...
Whether bitcoin is up or down when you're reading this, the cryptocurrency industry is still growing rapidly (and fast approaching an estimated $1 trillion evaluation this year). But as startups in the cryptocurrency space continue to bloom, attention from regulators is on the rise, and...
At BitAML, we talk with tons of entrepreneurs thinking about or even taking the first steps to start a new venture in cryptocurrency. Most are just like you. They are not sure what the risks and regulations are of cryptocurrency compliance and want to avoid fatal...
As the cryptocurrency landscape evolves, the need to track and monitor transactions becomes increasingly important. Cryptocurrency companies are expected to flag, track, and monitor transactions for suspicious or unusual activity. The Financial Crimes Enforcement Network (FinCEN) requires companies involved with cryptocurrencies to register as a...
