Crypto SARs Surge Since May Guidance, FinCEN Boss Says

Six months after U.S. financial regulators issued clarification on reporting requirements for cryptocurrency providers, the industry appears to have received the message loud and clear, with the number of reports soaring.

In a speech this week, Kenneth Blanco, director of the Treasury Department's Financial Crimes Enforcement Network (FinCEN), said that the agency had seen a "significant increase" in reporting related to cryptocurrency since its May 2019 advisory guidance on how its money services business (MSB) reporting requirements applied to firms dealing in cryptocurrencies.  

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