Post by serragoosenburg on Jun 18, 2019 22:10:46 GMT 4
According to a press release published this week, Morgan Rockcoons of Las Vegas, Nevada, has been sentenced to 21 months in prison for wire fraud and operating a bitcoin exchange without registering with the U.S. Financial Crimes Enforcement Network (FinCEN). The press release states that Rockcoons advertised his exchange services on LocalBitcoins.com and conducted more than 1,000 bitcoin trades with more than 644 people. Late last week, the Financial Action Task Force, an intergovernmental organization, announced plans to finalize new global standards that aim to intensify anti-money laundering regulations of cryptocurrencies. Among other things, these regulations would require cryptocurrency exchanges to comply with the "travel rule" for funds transmittal by identifying and recording parties to virtual asset transactions, just as other financial institutions do with wire transfers.