2013-05-30 FT: Virtual currencies run into legal trouble in US

[n8rwJeTt8TrrLKPa55eU]

A string of legal actions and regulatory manoeuvres in the US in recent weeks has made life more complicated for people who hope to make a living from trading virtual currencies, which are created by individuals or companies instead of governments, and which are used outside the traditional banking system.

A glance at the US section of Localbitcoins.com elicits a stark warning from one legal expert.

“You better get yourself registered, or you better get your name off the list real fast,” says Carol Van Cleef, a partner in Patton Boggs’ banking practice and an adviser on anti-money laundering policies.

http://www.ft.com/intl/cms/s/2/dc18a5be-c872-11e2-8cb7-00144feab7de.html

[aigeezer]

A string of legal actions and regulatory manoeuvres in the US in recent weeks has made life more complicated for people who hope to make a living from trading virtual currencies, which are created by individuals or companies instead of governments, and which are used outside the traditional banking system.

A glance at the US section of Localbitcoins.com elicits a stark warning from one legal expert.

“You better get yourself registered, or you better get your name off the list real fast,” says Carol Van Cleef, a partner in Patton Boggs’ banking practice and an adviser on anti-money laundering policies.

http://www.ft.com/intl/cms/s/2/dc18a5be-c872-11e2-8cb7-00144feab7de.html

From her bio:

"Ms. Van Cleef has represented more than 50 banking organizations on a number of federal deposit insurance assessments and coverage issues. She has worked with numerous banks and savings institutions...."

http://www.pattonboggs.com/professional/carol-vancleef

[meanig]

A string of legal actions and regulatory manoeuvres in the US in recent weeks has made life more complicated for people who hope to make a living from trading virtual currencies, which are created by individuals or companies instead of governments, and which are used outside the traditional banking system.

A glance at the US section of Localbitcoins.com elicits a stark warning from one legal expert.

“You better get yourself registered, or you better get your name off the list real fast,” says Carol Van Cleef, a partner in Patton Boggs’ banking practice and an adviser on anti-money laundering policies.

http://www.ft.com/intl/cms/s/2/dc18a5be-c872-11e2-8cb7-00144feab7de.html

"Either pay me a load of money so I can help you register or I'll grass on you to the Feds"

Fuckin' lawyers