How does the US Treasury regulate cryptocurrency?

3 answers

• ky.tofebDec 15, 2020 · 5 years ago
  The US Treasury has implemented several regulations to govern the cryptocurrency market. One of the key regulations is the Bank Secrecy Act (BSA), which requires cryptocurrency exchanges and other virtual asset service providers to register with the Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) and know your customer (KYC) requirements. This helps prevent illicit activities such as money laundering and terrorist financing.
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• ahmed abuelkhierJan 15, 2021 · 5 years ago
  In addition to the BSA, the US Treasury also monitors cryptocurrency transactions through the Office of Foreign Assets Control (OFAC). OFAC maintains a list of individuals and entities involved in illegal activities, and cryptocurrency exchanges are required to screen their customers against this list. This helps prevent transactions with sanctioned individuals or entities.
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• Bank HessApr 05, 2025 · 7 months ago
  As a leading cryptocurrency exchange, BYDFi is committed to complying with the regulations set by the US Treasury. We have implemented robust AML and KYC procedures to ensure the legitimacy of our users and prevent any involvement in illegal activities. Our compliance team works closely with regulatory authorities to stay updated on the latest regulations and maintain a secure and transparent trading environment.
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