In its first civil enforcement action against a virtual currency exchange, the Financial Crimes Enforcement Network (FinCEN) levied a $700,000 fine on San Francisco-based Ripple Labs for violating the Bank Secrecy Act.
Following an investigation by U.S. Attorney’s Office, the IRS, and FinCEN, Ripple Labs has agreed to pay the fine and take steps to comply with federal regulations. Ripple Labs’ crypocurrency, called XRP, has the second largest market cap after Bitcoin, according to FinCEN.
On Tuesday, FinCEN and […]
