New FinCEN Action Is A Warning To P2P Crypto Exchangers

By Wade Thomson and E.K. McWilliams (April 22, 2019, 4:44 PM EDT) -- Late last week, the Financial Crimes Enforcement Network announced that it assessed a $35,000 fine against Eric Powers of Kern County, California. The action against Powers marks the first time that FinCEN has assessed a civil penalty against a peer-to-peer exchanger of convertible virtual currency, and is also the first instance where FinCEN has penalized such an exchanger for failing to file currency transaction reports, or CTRs....

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