Bingbon Obtains America MSB Futures Contract Trading License
Bingbon is pleased to announce that we have received an MSB Futures Contract Trading License from FinCEN, the Financial Crimes Enforcement Agency which is part of the U.S. Treasury Department.
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 cheque and other services. Companies engaged in the above-related businesses must apply for an MSB license before they can operate legally.
Regulator
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 all the employees, agents and others who are authorized to act on your behalf are well trained, and 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 (FinCEN regulations apply to people management, exchange or use virtual currencies guidelines) and specifies the requirements for enterprises and individuals to use virtual currency in MSB registration.
At present, only a few global exchanges have this license, such as Huobi, OKEX, Binance, Bittrex and UKF Group.
License Search
America MSB license search address: https://www.fincen.gov/msb-state-selector
Enter Bingbon at LEGAL NAME to search.
Thank you for your support and trust in Bingbon. We will provide a safe, fair and comfortable trading ecosystem for all investors!
Bingbon Operation Team
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