SEC, CFTC, FinCEN Warn Crypto Industry to Follow US Banking Laws
The heads of three U.S. financial regulators warned the crypto industry to abide by banking laws in a joint statement published Friday.
Crypto companies have filed 7,100 Suspicious Activity Reports since May, America’s anti-money-laundering chief said at a banking conference Tuesday.
“Just because you say you are a banana doesn’t make you a banana,” said Director Blanco.
The new KYC requirements come a week after Poloniex completed its U.S. exit.
The move finalizes Huobi’s shuttering of US. accounts as as it continues to push users to its San Francisco-based partner exchange, HBUS.
There is no ambiguity: crypto startups must follow U.S. AML laws or suffer the consequences, said FinCEN's Kenneth Bianco.