Are bitcoin exchanges required by law to verify users identity_ _ Bitcoin 3 bitcoins

Are bitcoin exchanges required by law to verify users identity_ _ Bitcoin 3 bitcoins

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If you live in the US:

Http://www.Fincen.Gov/financial institutions/msb/materials/en/bank reference.Html

For the lazy:

Cash purchases of $3,000-$10,000, inclusive

MSBs that sell money orders or traveler’s checks are required to record cash purchases involving $3,000- $10,000, inclusive [i’m adding my own interpretation here that says bitcoin qualifies for the same record keeping requirements due to http://fincen.Gov/statutes regs/guidance/html/FIN-2013-G001.Html).3 bitcoins

Multiple cash purchases of monetary instruments totalling $3,000 or more must be treated as one purchase which must be recorded if:

• they are made at the same time, or

• the MSB has knowledge that such purchases occurred during one business day.

How to record a money order or traveler’s check sale for cash of $3,000-$10,000, inclusive:

1. Verify and record customer information, including ID.

2. Record transaction information – amount, date of sale and serial number(s) for each instrument.

3. Keep the record for 5 years from the date of transaction.

No US exchange is going to get into trouble with the law because you’re too lazy or doing something so illegal that you can not/will not produce ID.

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