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.
Published