Does crypto currency exchange need to register with FinCen in the US?

[CryptoCurrencyInc.com]

If someone wants to start an online currency exchange trading cryptocurrency only.
The site is not trading cryptocurrency for USD or any other currency but cryptocurrency.

Do they need to register with FinCen in the US?

[1714630500]

1714630500

[1714630500]

1714630500

[BitcoinTraders]

If someone wants to start an online currency exchange trading cryptocurrency only.
The site is not trading cryptocurrency for USD or any other currency but cryptocurrency.

Do they need to register with FinCen in the US?

I think that you don't need to register but i'm not a lawyer so you should ask somebody who know more about it!

[LostDutchman]

If someone wants to start an online currency exchange trading cryptocurrency only.
The site is not trading cryptocurrency for USD or any other currency but cryptocurrency.

Do they need to register with FinCen in the US?

Yes and with each of the 48 states requiring such registration.

All the registrations and required bonds will only cost you about USD $ Two Million, so get busy!

Don't worry.

Be happy.

[Nagle]

If you register as a broker/dealer and an exchange with the SEC, that's good anywhere in the US.

Becoming a registered broker/dealer is complex, but you could buy an inactive one for a few hundred thousand and reactivate the company. There are big advantages for a US-based Bitcoin exchange that's a registered broker-dealer. Your depositors are insured by SIPC (for which the exchange must pay premiums.) As a legit broker-dealer, you can deal with banks at a level unavailable to non-financial companies. Wire transfers and ACH transfers work better, for example.

Of course, there's a downside. You have to be audited. You have to have a certain level of assets. All the principals, executives, and sales reps have to pass FINRA exams. (There's even an exam for customer support people.) You're regulated by FINRA, which can and does collect big fines from crooked brokers.

[sergio]

If someone wants to start an online currency exchange trading cryptocurrency only.
The site is not trading cryptocurrency for USD or any other currency but cryptocurrency.

Do they need to register with FinCen in the US?

I believe only if you touch the dollar. crypto to crypto may not need registration, this was an old believe but it may not be accurate since the laws have changed in unbelievable ways just in the last year. Also Fincen only applies in the USA and in the so called friendly countries, in truly independent nations Fincen does not have jurisdiction. Fincen overseas will only be enforce for very large sums in non interdependent nations, for example Liberty reserve was based on Costa Rica but since Costa Rica is not an independent nation Fincen rules could be enforced.
 

[LostDutchman]

If someone wants to start an online currency exchange trading cryptocurrency only.
The site is not trading cryptocurrency for USD or any other currency but cryptocurrency.

Do they need to register with FinCen in the US?

I believe only if you touch the dollar. crypto to crypto may not need registration, this was an old believe but it may not be accurate since the laws have changed in unbelievable ways just in the last year. Also Fincen only applies in the USA and in the so called friendly countries, in truly independent nations Fincen does not have jurisdiction. Fincen overseas will only be enforce for very large sums in non interdependent nations, for example Liberty reserve was based on Costa Rica but since Costa Rica is not an independent nation Fincen rules could be enforced.
 

Horseshit.

Do your homework.

[ShakyhandsBTCer]

If someone wants to start an online currency exchange trading cryptocurrency only.
The site is not trading cryptocurrency for USD or any other currency but cryptocurrency.

Do they need to register with FinCen in the US?

I think that you don't need to register but i'm not a lawyer so you should ask somebody who know more about it!

If you are dealing in fiat in any way then yes. If you are only dealing in coins (like BTC to NMC, or BTC to LTC) then I don't think so as that would be the same way that the stock market operates, exchanging property for property.