August 31, 2020

In this article, Jenner & Block Associate E.K. McWilliams and Partner Wade A. Thomson explain that cryptocurrency firms are expected to comply with FinCEN’s funds travel rule. The rule requires banks and money services businesses, including crypto exchangers, to share the names, addresses, and account numbers of both the originators and beneficiaries tied to payments of $3,000 or more with the next financial institution or money services businesses in line to handle the funds. The authors explore obstacles standing between crypto exchanges and compliance with the rule and the potential impacts of not complying.