The popular platform LakeDEX has updated its FinCEN status and has become the safest for investing cryptocurrency
Today, 10/17/2019, the popular LakeDEX platform (Crystal Lake Currency Exchange, Inc.) updated its MSB license in the US regulator FinCEN system.
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MSB Registration Number: 31000156172153
According to the rules, banks and other financial institutions must request identification of the user of the cryptocurrency wallet if the transaction volume exceeds $ 3,000. If the transaction amount exceeds $ 10,000, then the reporting must be submitted to FinCEN. The declaration must include all information about the transaction, including the names and physical addresses of the participants in the transaction.
In addition, the document defines the order of “structuring” transactions – this will allow you to track the breakdown of large transactions into small ones in order to bypass reporting requirements.
Back in 2011, FinCen equated exchangers and administrators of virtual currencies with money operators. In 2013, a clarification was issued, according to which operators are required to operate in accordance with the Bank Secrecy Law and comply with the following requirements:
– Firstly, register with finsen as an MSB – money service as a financial service provider;
– Second, develop our own AML / KYC / CFT compliance program;
– Third, and most importantly, regularly submit reports to FinCen on large transactions with cryptocurrency and on suspicious transactions,
– Fourthly, collect and store identifying information about counterparties, as well as transactions with a certain threshold of value.