By CCN: For the first time, FinCEN – the Financial Crimes Enforcement Network – has fined a peer-to-peer Bitcoin trader for failure to register as a money services business. MSBs fall under FinCEN’s regulation, and according to FinCEN, Eric Powers, reportedly a resident of California, willfully violated registration requirements. He’s also accused of looking the other way when knowingly doing business with Silk Road vendors. $5 Million in Crypto Trades Net Bitcoin Trader a $35,000 Fine FinCEN says that Powers admitted to buying over $5 million in cryptocurrencies throughout 160 transactions, doing many of the trades in public places. It
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* First published on ccn.com
