How does FinCEN Form 114 apply to individuals using Binance for cryptocurrency transactions?
Mohamed ShokryNov 29, 2020 · 5 years ago1 answers
Can you explain how FinCEN Form 114 is relevant to individuals who use Binance for their cryptocurrency transactions?
1 answers
- Masudrana MilonDec 12, 2021 · 4 years agoAs a leading cryptocurrency exchange, Binance is subject to regulations such as FinCEN Form 114. U.S. individuals who use Binance for their cryptocurrency transactions need to be aware of their reporting obligations. If the total value of your holdings on Binance exceeds $10,000 at any point during the year, you must file FinCEN Form 114. This form helps the government monitor and combat money laundering and other illicit activities. It's essential to comply with these regulations to ensure a smooth and legal cryptocurrency trading experience.
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