0 sats \ 6 replies \ @sancristrader 16 Dec 2023 \ on: [important] foreign asset control compliance meta
@k00b I'm not sure if you can talk about this freely, but did you suddenly do this because the government contacted you and forced you to do this, or because you wanted to become compliant, anticipating problems?
No one contacted us, we just want to be compliant before we could get contacted.
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When it comes to bitcoin, no amount of compliance will be enough for them in the long run.
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From my experience running a bootstrapped company with 37 million users, such proactive policing is a waste of scarce resources.
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I agree it expends scarce resources.
Regulators seem very stirred up about bitcoin is our concern and OFAC related fines (not to mention legal) would kill us in our crib.
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I found this list but unsure if SN is big enough: I think there's somewhat practical and won't go after tiny volumes, unless something specifically pisses them off.
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Thanks for the link! That's sobering. It does seem like it's relatively uncommon to be prosecuted.
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