Tag Archives: currency

NY AG finds pervasive vulnerabilities in virtual currency exchanges

By Lene Powell, J.D. A new report by the New York Attorney General reveals serious, widespread deficiencies in customer protections at virtual currency exchanges, leaving customers vulnerable to abusive trading practices, conflicts of interest, and asset losses. The Virtual Markets … Continue reading

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IRS Announces Audit Campaign Focusing on Virtual Currency Transactions, But No Voluntary Disclosure Program to Address Non-Compliance

Earlier this week the Internal Revenue Service announced creation of a virtual currency compliance initiative that will focus on tax compliance by taxpayers engaging in virtual currency transactions. The IRS intends to address non-compliance in this area by conducting audits … Continue reading

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CBP Sued Over Currency Seizure Practice

[Note: Updated to properly identify the organization supporting the litigation.]I often tell students and other lawyers that the great thing about my practice is the lack of human drama. In most cases, getting to the right result in a dispute … Continue reading

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NFA Sends U.S Treasury OFAC Virtual Currency Compliance Notice to Members

Last week the NFA sent a notice regarding the Department of Treasury's Office of Foreign Assets Control (OFAC) as it applies to Virtual Currency such as Bitcoin. The NFA urges its Futures Commission Merchants (FCM) and Introducing Brokers (IB's) to … Continue reading

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