For the first time since the new regime required cryptocurrency traders to register as Money Services Business (MSB) the FinCEN fined a private individual for operating an unlicensed business.
A Californian man, Mr. Eric Powers, was fined with $35000 for failing to comply with AML obligations from 2012 to 2014, while facilitating peer-to-peer transactions in cryptocurrencies for third parties.
The Transactions were facilitated using the extinct marketplace Silk Road as per the reported information.
As part of the settlement, Mr. Powers agreed to prevent himself from engaging in any further transaction which may be qualified under the rules of MSB.
