The U.S. Treasury Department’s anti-laundering unit, the Financial Crimes Enforcement Network (FinCEN), is beginning to send letters to bitcoin-related businesses regarding the legality of their operations, Reuters reported on December 17.
Businesses that act as a money transmitter in the United States must receive regulatory approval from FinCEN. Given bitcoin’s murky legal status, many businesses in the cryptocurrency have thus far avoided filing with the government.
Jon Matonis, executive director of the Bitcoin Foundation, a cryptocurrency advocacy group, told Reuters that some bitcoin businesses have closed their doors rather than dealing with regulatory scrutiny.
It’s been a busy few weeks in the bitcoin market, as this latest development shows, and observers need the latest information to stay up-to-date with what’s happening. Read the latest edition of the PYMNTS Bitcoin Bubble Tracker by clicking here.
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