The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) fined Silicon Valley star Ripple Labs $700,000 Tuesday for selling its virtual currency without registering with FinCEN and for not having an anti-money laundering program.
Ripple’s virtual currency is called XRP. FinCEN said Ripple “willfully violated several requirements of the Bank Secrecy Act (BSA).”
“Virtual currency exchangers must bring products to market that comply with our anti-money laundering laws,” said FinCEN Director Jennifer Shasky Calvery.
The original article can be found at www.fcpablog.com