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  • FinCEN has ordered that all money service businesses involved in crypto space to provide all client data.
  • A move to curb unlawful activities via the the used of cryptocurrencies.  


The United States Financial Crimes Enforcement Network (FinCEN) has instructed that all money services businesses (MSBs), including Bitcoin (BTC) trading venues to start transmitting certain customer info for transactions up to $3,000 or higher.  

These efforts from the agency are to curb the use of blockchain-based virtual currencies for unlawful activities such as money laundering. It is noted as the new funds “travel rule”, which will be taking effect from June 2020, according to FinTech Futures.

FinCEN Director Kenneth Blanco said :

 The travel rule applies to CVC’s (convertible virtual currencies) and we expect that you will comply- period. That’s what our expectation is. You will comply. I don’t know what the shock is. This is nothing new.