The Financial Crimes Enforcement Network (FinCEN), which works in close coordination with the U.S. Attorney’s Office for the Northern District of California (USAO-NDCA) has imposed a hefty penalty of $700,000 on the cryptocurrency company Ripple Labs and its subsidiary XRP II, LLC, for willful violation of the Bank Secrecy Act.
The regulatory authority noted that Ripple acted as a money services business (MSB) and sold its cryptocurrency XRP without registering with the FinCEN. Ripple Labs […]
