Canada announces regulation of bitcoin, digital currencies and Internet gambling sites under anti-money laundering laws

Tweet Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed […]

Two arrested, including one Canadian, in the 1st state bitcoin prosecution in Florida over alleged money laundering

Tweet In another first for bitcoin, the Miami Beach Police today arrested two men for alleged money laundering involving bitcoin. And one of them is Canadian. According to police, undercover officers and special agents from the Miami Electronic Crimes Task Force posed as bitcoins buyers and contacted various bitcoin sellers on the website “localbitcoins.com” specifically […]

1st Canadian official regulatory response to Bitcoin – securities commission issues alert against use of Bitcoin highlighting Ponzi risks

Tweet Securities regulator issues warning over bitcoin ATMs & threatens prosecution Canada issued its first official regulatory response to bitcoin today and it came from the Autorité des marchés financiers which issued an alert to consumers about the use of Bitcoin. The Autorité, which is Québec’s securities commission, said in a statement that it will […]

Marijuana brownies & the “smell of money laundering” – email evidence leads to arrest of Bitcoin guru over money laundering charges

Tweet One of Bitcoin’s earliest enthusiasts, Charlie Shrem who ran BitInstant, a New York based Bitcoin exchange, was arrested today and charged with money laundering conspiracy, operating an unlicensed money transmitting business and failure to file suspicious activity reports to FinCEN. The complaint was filed by U.S. Attorney for the Southern District of New York, […]

The elusive female terrorist and Russia’s sweeping new anti-terrorism laws

Tweet  In a weird case of real life emulating fiction, the mass hunt for the alleged prospective suicide bomber, the so-called black widow of Chechnya, Ruzana Ibragimova, before the Sochi Olympic Games is playing out a little like the film From Paris With Love, the fictional story of a female terrorist in France aligned with […]

Silk Road owner arrested over money laundering charges and allegations of ordering hit on man from Canada

Tweet Ross Ulbricht, allegedly the Dread Pirate Roberts and owner of the website Silk Road, was arrested by the FBI in San Francisco today at a public library and his popular website was shut down. Silk Road was an Internet-based website that accepted Bitcoin. Ulbricht was charged with money laundering conspiracy, computer hacking conspiracy and […]

SEC charges Texas man with securities fraud for allegedly running Ponzi scheme involving bitcoin investments

Tweet Alleged Ponzi scheme involving bitcoin The U.S. Securities & Exchange Commission announced today that it has charged Texas resident, Trendon Shavers, and an entity he ran called Bitcoin Savings and Trust (“BTCST“), with defrauding investors through the operation of a Ponzi scheme involving bitcoin. Bitcoin is a popular virtual currency. The charges have nothing […]

Bitcoin and other digital currency transactions subject to Bank Secrecy Act in U.S.

Tweet The US Financial Crimes Enforcement Network (“FinCEN“) has issued its interpretive guidance on the applicability of digital (or virtual) currencies, the most popular of which is Bitcoin, to the Bank Secrecy Act (“BSA“). Pursuant to the Guidance, a person or entity that: (1) exchanges; or (2) administers digital currency or Bitcoin, is a money […]