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Kraken pushes back against FinCEN's proposed US crypto rules
San Francisco based cryptocurrency exchange Kraken has issued a formal response highly critical of proposed US rules governing payments, which could affect the crypto world. The new rules, proposed at the end of 2020 by FinCEN which is charged with overseeing and preventing financial crimes in the US, would require customers who wish to send virtual currency from their financial institution to report the name and physical address of the recipient. If the customer cannot report the recipient’s address, the financial institution must reject the transaction. Kraken stated that the new rule, if enacted, would literally ... (full story)