Regulators just demonstrated they are serious about making digital currency companies follow the rules

Regulators just demonstrated they are serious about making digital currency companies follow the rules

FinCEN, the Financial Crimes Enforcement Network, has levied its first fine on a virtual currency exchange.
Ripple Labs, which distributes and exchanges its own cryptocurrency, XRP, is being fined $700,000 by FinCEN, a division of the Treasury Department, for “acting as a money services business (MSB), and selling its virtual currency… without registering with FinCEN,” as well as for “failing to implement and maintain an adequate anti-money laundering (AML) program designed to protect its products from use by money launderers or terrorist financiers,” according to FinCEN

http://www.businessinsider.com/ripple-just-got-slapped-with-a-700000-fine-2015-5