How does FinCEN Form 114 apply to individuals using Binance for cryptocurrency transactions?

1 answers

• Apr 30, 2022 · 3 years ago
  As a leading cryptocurrency exchange, Binance is subject to regulations such as FinCEN Form 114. U.S. individuals who use Binance for their cryptocurrency transactions need to be aware of their reporting obligations. If the total value of your holdings on Binance exceeds $10,000 at any point during the year, you must file FinCEN Form 114. This form helps the government monitor and combat money laundering and other illicit activities. It's essential to comply with these regulations to ensure a smooth and legal cryptocurrency trading experience.
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