The U.S. Department of Justice recently indicted Bitcoin of America, a company that operates Bitcoin kiosks in the United States, for operating without a license. The indictment alleges that Bitcoin of America was operating unlicensed Bitcoin kiosks in several states, including California, Florida, Illinois, and New York.
The indictment states that Bitcoin of America was operating without a license in violation of the Bank Secrecy Act (BSA), which requires companies to register with the Financial Crimes Enforcement Network (FinCEN) and obtain a license from the state in which they operate. The BSA also requires companies to report suspicious activity to FinCEN.
The indictment further alleges that Bitcoin of America failed to comply with these requirements and did not report suspicious activity to FinCEN. The company is also accused of failing to maintain an adequate anti-money laundering program, which is required by the BSA.
The indictment is a reminder that companies operating in the cryptocurrency space must comply with all applicable laws and regulations. Companies must ensure that they are properly registered with FinCEN and obtain the necessary licenses from the states in which they operate. They must also have an adequate anti-money laundering program in place and report any suspicious activity to FinCEN.
Failure to comply with these requirements can result in serious consequences, including criminal charges and hefty fines. The indictment against Bitcoin of America serves as a warning to other companies operating in the cryptocurrency space that they must take compliance seriously or face the consequences.
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