The United States Financial Crimes Enforcement Network (FinCEN) has mandated all money services businesses (MSBs) such as Bitcoin (BTC) trading venues to start transmitting certain customer info for transactions up to $3,000 or higher.
As reported by FinTech Futures, the rule dubbed 'the new funds “travel rule”', will take effect June 2020. Crypto exchanges must verify their customers’ identities and share the details of customers who transfer up to $3,000 or more at any given time, as well as the data of beneficiaries of such transactions and “send that info to counter parties if they exist.”
FinCEN Director Kenneth Blanco made the following statement during a conference organized by Chainalysis:
“The travel rule applies to CVC’s (convertible virtual currencies) and we expect that you will comply- period. That’s what our expectation is. You will comply. I don’t know what the shock is. This is nothing new.”
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