🚨 FinCEN penalizes peer-to-peer Bitcoin trader for the first time
The Financial Crimes Enforcement Network (FinCEN) has fined Eric Powers, an individual money transmitter, $35,000 for failing to file any transaction reports on 200 transactions. Powers used mail, wire, and dark web services to move funds and meet clients, to which he settled 160 Bitcoin ($BTC) transactions worth a purported $5 million. The fine by FinCEN is the first peer-to-peer Bitcoin trading fine to date for the regulator.
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