U.S. regulatory guidance on virtual currencies: FinCEN and OFAC actions (2013–2021)

1. FinCEN defines roles in virtual currency systems

   Mar 18, 2013Labels: FinCEN Guidance, Money Transmitters

   • FinCEN Guidance

2. FinCEN clarifies treatment of virtual currency mining

   Jan 30, 2014Labels: FinCEN Ruling, Cryptocurrency Mining

   • FinCEN Release
   • FIN 2014 R001

3. FinCEN takes first major action against a crypto exchanger

   May 5, 2015Labels: FinCEN Enforcement, Ripple Labs

   • FinCEN Release
   • CRS Report

4. FinCEN penalizes BTC-e in major exchange case

   Jul 27, 2017Labels: FinCEN Enforcement, BTC-e

   • FinCEN Release
   • DOJ Release

5. FinCEN issues consolidated guidance for convertible virtual currency

   May 9, 2019Labels: FinCEN Guidance, Convertible Virtual

   • FinCEN Release
   • FIN 2019 G001

6. FinCEN warns financial institutions about CVC illicit finance typologies

   May 9, 2019Labels: FinCEN Advisory, Illicit Finance

   • FinCEN Advisory
   • ABA Summary

7. OFAC issues ransomware sanctions risk advisory

   Oct 1, 2020Labels: OFAC Advisory, Ransomware Guidance

   • OFAC Advisory

8. FinCEN penalizes operator of Helix and Coin Ninja mixers

   Oct 19, 2020Labels: FinCEN Enforcement, Mixers Operator

   • FinCEN Release
   • CoinDesk

9. OFAC updates ransomware guidance and expands mitigation focus

   Sep 21, 2021Labels: OFAC Advisory, Ransomware Guidance

   • AHA Copy
   • Crowell Alert

10. OFAC sanctions SUEX, first designated virtual currency exchange

    Sep 21, 2021Labels: OFAC Sanctions, SUEX OTC

    • Axios
    • Crowell Alert

11. FinCEN–OFAC approach coalesces around AML plus sanctions compliance

    Dec 1, 2021Labels: FinCEN Guidance, OFAC Policy

    • FinCEN Guidance
    • OFAC Advisory