FinCEN Order on PM2BTC.
FinCEN recently issued an Order that prohibits the sending and/or receiving of funds either to or from PM2BTC. PM2BTC is an unincorporated convertible virtual currency (CVC) exchanger with significant Russian connections. It has been associated with a wide range of illegal activities, such as fraud, sanctions evasion, ransomware attacks and child abuse.
In addition, PM2BTC’s inadequate anti-money laundering policies and procedures claim exchanges can be made anonymously and without verifications. PM2BTC has also made changes that hinders the ability to capture prior transaction history.
If a financial institution receives funds from PM2BTC or on its behalf, the financial institution will not be in violation of this Order if it rejects the transaction.
Published2024/10/21
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).