17 May '13, 3pm

Black-hat bitcoin’s days are numbered

Black-hat bitcoin’s days are numbered

On Tuesday (May 14), the US government seized accounts that Japan-based Mt. Gox, the world’s largest bitcoin exchange, held at its US bank, Wells Fargo, and with Dwolla, an online payments company. The government said Mt Gox violated money laundering rules. (Mt Gox says it is investigating .) For the fast-evolving bitcoin ecosystem, this marks a new phase of development. It looks like Mt. Gox got caught red-handed. In March, the US Treasury Department issued new rules. Companies that exchange traditional currency for bitcoins now need to register with the Financial Crimes Enforcement Network (FinCEN), which is charged with preventing money laundering. But Mt. Gox’s US subsidiary, Mutum Silligum (in Latin, roughly: “Silent Seal”) didn’t register, or tell Wells Fargo that it was a money transmitter. A confidential informant who used Mt. Gox to buy and sell bitcoins provided ...

Full article: http://qz.com/85214/black-hat-bitcoins-days-are-numbered/

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