BTC-e fined USD110 Million for AML breach
Cryptocurrency exchange BTC-e was just fined USD110 Million for Anti-Money Laundering (AML) breaches - by far the largest fine imposed on any cryptocurrency business. The financial penalty is imposed by United States Regulator FinCEN.
To put this into context, BTC-e's fine is about five times heavier than the fine imposed on the RCBC AML breach, which is the stiffest penalty imposed by the Philippine central bank (BSP) currently on record.
BTC-e plans to have an ICO (Initial Coin Offering) to generate funds to pay the FinCEN fine, and to reserve funds to cover for SEC fine in offering unregistered security thru an ICO.
I'm very serious about the first and second paragraphs. I'm just joking about the third one.
For the full coverage on this news from Payments Compliance, please visit this link:
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They were catering US residents and that triggered U.S. FinCEN to assert its jurisdiction to impose fine for money laundering violations.
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STOPI thought BTC-E was ran from Bulgaria?