New York’s Department of Financial Services (“DFS”) recently announced a $100 million settlement with Coinbase, Inc., one of the world’s largest cryptocurrency exchanges, for Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”)...more
1/10/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Coinbase ,
Compliance ,
Crypto Exchanges ,
Cryptocurrency ,
Cybersecurity ,
Data Breach ,
Digital Assets ,
Due Diligence ,
Financial Institutions ,
New York ,
NYDFS ,
Reporting Requirements ,
Settlement ,
Suspicious Activity Reports (SARs) ,
Transaction Monitoring
On November 15, 2022, the CEO of FTX and various alleged celebrity endorsers were sued in Florida federal court by Edwin Garrison, an FTX investor. In the complaint, Garrison alleges that FTX engaged in the unlawful sale of a...more
The recent OpenSea insider trading case emphasizes the need for businesses in the digital assets industry to stay abreast of the fast-changing legal landscape surrounding their industry, and also emphasizes that new digital...more
California Governor Gavin Newsom vetoed the Digital Financial Assets Law requiring companies offering services that involve investing, lending, or trading cryptocurrencies to register with the state’s Department of Financial...more
California is one step closer to joining New York in requiring cryptocurrency licenses.
Governor Gavin Newsom has until September 30 to sign or veto the Digital Financial Assets Law, which would go into effect in 2025. The...more
Recent enforcement actions against banks indicate a new regulator emphasis on digital assets and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance. Last year, Anchorage Digital Bank (Anchorage)—formerly Anchorage...more
6/20/2022
/ Anti-Discrimination Policies ,
Bank Secrecy Act ,
Blockchain ,
Cease and Desist Orders ,
Compliance ,
Digital Assets ,
Due Diligence ,
Enforcement Actions ,
FDIC ,
FinCEN ,
OCC ,
USAA