![UK Regulations: Urgent Action Required from Loan-Based Crowdfunding Platforms](https://media2.mofo.com/v3/images/blt5775cc69c999c255/blt88dce520de21af22/627317b04d9f89297129023b/mofotechblog-financings-600x295-bar-chart.jpg?format=auto&quality=60&width=700)
The Financial Crimes Enforcement Network (“FinCEN”) issued a press release announcing a civil money penalty for violations of the Bank Secrecy Act against Eric Powers, an individual who acted as a peer-to-peer virtual currency exchanger. The enforcement action is the first-ever penalty assessed by FinCEN against a peer-to-peer virtual currency exchanger. Our alert discusses this recent action by FinCEN and its implications.
Read our client alert.