EWCL | Airdrops

On March 25, 2013, the U.S. Financial Crimes Enforcement Network (FinCEN) issued its first formal guidance on virtual currencies, a pivotal moment for the cryptocurrency industry. This guidance clarified the legal status and obligations of individuals and businesses dealing with decentralized currencies like Bitcoin under U.S. anti-money laundering (AML) and know-your-customer (KYC) regulations. FinCEN categorized certain crypto activities—like exchanges and administrators—as "money services businesses" (MSBs), requiring them to register with FinCEN, implement AML programs, and report suspicious activities. This was one of the earliest instances of a major government agency explicitly addressing the regulatory framework for cryptocurrencies, signaling to the market that digital currencies were on the radar of financial authorities.