In this article I want to address the application of the regulations of the Office of Foreign Assets Control (“OFAC”) to businesses dealing with virtual currencies. This aspect of regulations is often overlooked or ignored, but the fines are very real. This spring, PayPal was fined $7,658,300 because they allowed transactions with Iranian andRead More →

Linden Dollar: Another Virtual Currency Affected by FinCEN. Bitcoin has been in the news recently. But bitcoin is not the only virtual currency. Virtual currencies, in one form or another are here to stay. When U.S. Treasury Department’s enforcement arm, FinCEN, issued its interpretive statement, it recognized this much. TheRead More →