DINNGO is registered as MSB in the United States

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DINNGO

2 min readJan 10, 2019

Right before the end of 2018, DINNGO just took a huge step towards its commitment of being a fully-regulated and legally-compliant company in the cryptocurrency space by registering as Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the United States.

According to an announcement made in March 2013, FinCEN has extended the application of the MSB requirements to virtual currencies. As a result, brokerages and exchanges of cryptocurrencies are governed by FinCEN and shall be regulated under Bank Secrecy Laws (BSA).

As a registered MSB with FinCEN, DINNGO is obligated to detect and report suspicious transactions or potential fraud and money-laundering activity. In other words, we are obliged to work with FinCEN by keeping eyes on things. As soon as the MSB registration is established, we are bound to file various reports, such as SARS report (Suspicious Activity Report), with FinCEN to prevent money laundering, terrorist financing, and other financial crimes.

Generally speaking, if you are not registered as MSB with FinCEN, you are not obligated to comply with various reports filing. Starting a crypto business and being fully compliant with U.S. regulators is not an easy task as it requires us to invest heavily in developing a system to analyze a large number of data we collect everyday. Most business decided to exit U.S. market to avoid tremendous costs on compliance. However, we firmly believe that such investment will definitely pay off as providing a secured and worries-free trading platform to users has always been our top priority.

Our MSB registration can be found on the official FinCEN database. With the registration been done, all DINNGO users can rest assured that their funds are traded within a secure and compliant ecosystem.

DINNGO is registered as MSB in the United States

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