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MoFo Reenforcement The Enforcement Blog

“Firsts” for the World of Virtual Currencies

Posted in Electronic Payments, Regulatory Developments

There have been two recent virtual currency-related actions worthy of note: (1) the Financial Crimes Enforcement Network (“FinCEN”) announced its first civil enforcement action against a virtual currency exchanger, and (2) the New York Department of Financial Services (“NYDFS”) granted its first license to a Bitcoin exchange. This client alert reviews these recent virtual-currency-related actions and considers the potential implications thereof.

Read our client alert.