On July 26, 2017, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty of more than $110 million against BTC-e, a Russian-headquarted, internet-based virtual currency exchanger, and a $12 million penalty against its Russian owner, Alexander Vinnick.

On that same day, the Department of Justice announced a 21-count indictment against Vinnick for money laundering and the operation of an unlicensed money services business (MSB). Vinnick was arrested in Greece the day before. This is the second time FinCEN has pursued enforcement against a virtual currency provider. It also represents the second largest penalty FinCEN ever has levied against an MSB. For more details, please see Crowell's Client Alert