The U.S. Treasury Department's first-ever fine against a virtual currency company likely signals more governmental scrutiny and worsening banking woes for the nascent sector, according to industry experts. The department's Financial Crimes Enforcement Network (FinCEN) said in a civil money penalty late Tuesday that San Francisco-based Ripple Labs, Inc. and its South Carolina parent company had failed to register as a money services business (MSB) and identify and report suspicious transactions. To settle the anti-money laundering (AML) violations, the companies will pay $700,000 and implement remedial steps, according to the bureau, which outlined in March 2013 guidance which virtual currency...
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