What are the legal requirements for crypto exchanges catering to US investors in 2019?

3 answers

• Thomas KarnachoritisJun 05, 2023 · 2 years ago
  Crypto exchanges catering to US investors in 2019 must adhere to several legal requirements. Firstly, they need to register with the Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB) and comply with the Bank Secrecy Act (BSA) regulations. This includes implementing robust anti-money laundering (AML) and know your customer (KYC) procedures to prevent illicit activities. Additionally, exchanges must comply with state-specific regulations, such as obtaining money transmitter licenses in each state they operate. It is crucial for exchanges to stay updated with the evolving regulatory landscape and ensure ongoing compliance to avoid penalties and legal consequences.
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• Minn KhantApr 01, 2021 · 4 years ago
  When it comes to legal requirements for crypto exchanges catering to US investors in 2019, it's important to note that the regulatory landscape is constantly changing. However, some common requirements include registering with FinCEN as an MSB, implementing AML and KYC procedures, and obtaining necessary licenses in each state of operation. Compliance with these regulations is crucial to maintain the trust of US investors and avoid legal issues. It's recommended for exchanges to consult legal experts specializing in cryptocurrency regulations to ensure full compliance and stay updated with any changes in the legal framework.
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• Jaffar tayarOct 01, 2020 · 5 years ago
  As a leading crypto exchange, BYDFi understands the importance of complying with legal requirements when catering to US investors in 2019. We prioritize the safety and security of our users' funds and strictly adhere to all applicable regulations. This includes registering with FinCEN as an MSB, implementing robust AML and KYC procedures, and obtaining necessary licenses in each state we operate. Our team of legal experts closely monitors the evolving regulatory landscape to ensure ongoing compliance and provide a secure trading environment for our US investors.
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