IBITTERS,
INTRODUCTION TO IBIT GROUP COMPLIANCE MATRIX. IBIT is an international digital services financial institution, and has registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.
IBIT GLOBAL TECHNOLOGY INC is registered as a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury with approval to engage in FX activities. (MSB REGISTRATION NUMBER/DCN: 31000255178076)
MSB License
The America MSB (Money Services Business) license is regulated and issued by FinCEN. The main objects are the supervision and licensing of businesses and companies related to money services. The scope includes international remittance, foreign currency exchange, currency transaction/transfer (including digital currency/virtual currency), providing prepaid items, issuing traveler’s cheques and other services. Companies engaged in the above-mentioned businesses must apply for an MSB license in order to operate legally.
The MSB is issued by the Financial Crimes Enforcement Bureau of the US Department of the Treasury (FinCEN).
Supervision
Established in 1990, FinCEN aims to support federal, local and international law enforcement by analyzing information required by Bank Secrecy Act (BSA). Over the years, FinCEN employees have developed expertise in adding value to the information gathered by BSA through discovering unknown information contained in sales leads.
During the FinCEN supervision, it is important to prove that the file is already in place and that all the employees, agents and others who are authorized to act on your behalf are well-trained, and have the ability to effectively implement all elements of a compliance program. Senior officials must approve the compliance program, and the compliance officer must have the necessary authority to enforce the requirements of the compliance program.
On March 18th, 2013, FinCEN announced the application of FinCEN regulations (Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies) and specifies the requirements for enterprises and individuals to use virtual currency in MSB registration. MSB is the acronym for Money Services Business. It is under the regulation of FinCEN (Financial Crimes Enforcement Bureau of the US Department of the Treasury), and needs to go through a registered licensing system. Anyone who engages in a money services business must apply for a license to operate.
At present, only a few large global exchanges and forex companies have this license, such as Huobi, OKEX and Binance from mainland China, Bittrex from the US, and UKF Group from the UK.
License Search
America MSB license search address: https://www.fincen.gov/msb-state-selector
Enter IBIT in the LEGAL NAME field to search.
[The license is as follows]
National Futures Association (NFA)
The National Futures Association (NFA) is an independent self-regulatory organization for the U.S. futures and derivatives markets. Designated by the Commodity Futures Trading Commission (CFTC) as a registered futures association, the NFA's mandate is to safeguard the integrity of the derivatives markets, protect investors, and ensure that members fulfill their regulatory obligations.
Who Needs to Register With the NFA?
All qualified entities that deal in the futures markets need to register with the NFA. These include a variety of entities, such as brokers, futures merchants, commodity pool operators, swap dealers, exchanges, and commodity trading advisors.
Read More:
https://www.investopedia.com/terms/n/nfa.asp
License Search: https://www.nfa.futures.org/index.html
[The license is as follows]
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