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Shunned at Home, U.S. Digital Money Companies Look Abroad for Bank Accounts
By Colby Adams
printTurned away by American banks, some U.S.-based digital currency companies are using foreign bank accounts to send their proceeds back into the United States to pay employees and clients. In March, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) said businesses that facilitate the exchange of bitcoins and other digital funds must register as money services businesses and implement anti-money laundering (AML) programs. The regulatory attention and criticism from law enforcement officials have spooked some financial institutions approached by digital money start-ups. At a Manhattan conference in August, the chief executive officer of a Bitcoin-related business said that her...
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