Today,01/10/2020 the large American crypto platform excoinmax.com (CoinMax Trading Brokers INC) updated a license from the US regulator.
MSB Registration Number ExCoinMax: 31000161438959
Check the license on the official FinCEN resource – CLICK
Legal regulation of cryptocurrency activities
Relationships related to cryptocurrency are regulated not only by federal law, but also by state law. Cryptocurrency activities are subject to licensing if imposed directly by the state. Special licensing is established, for example, in the states of New York and Washington.
At the federal level, the Financial Crimes Enforcement Network (hereinafter – FinCEN) has the competence to regulate cryptocurrency activities, in addition to taxation issues.
Back in March 2013, this regulator published a guide, in which it determined the companies to be registered as Money Transmitters. These include companies that provide services for the transfer, sale or exchange of cryptocurrencies, in connection with which such companies need to comply with the legislation in the field of combating the laundering of proceeds from illegal means.
In 2014, two additional guides were also published that named cryptocurrency companies that should not be registered. Among them were companies that mine cryptocurrencies and develop the corresponding software.
Companies registered as money transfer operators are required to comply with Anti-Money Laundering (AML) legislation and comply with the Know Your Customer (KYC) policy.
Therefore, the cryptocurrency company must establish the identity of the user in order to conduct subsequent transactions with his “account”. If the company suspects that the user is involved in illegal activity, then it is obliged to report this to the relevant authorities.
MSB are required to register with FinCen every two years.