📣 Ondo Finance is delighted to announce that its affiliate, Ondo USDY LLC (“USDY”), has successfully registered as a Convertible Virtual Currency Administrator and Money Services Business with the Financial Crimes Enforcement Network (“FinCEN”) in the United States. 📣 📝 Registration as a Convertible Virtual Currency (“CVC”) Administrator is an important milestone in USDY’s regulatory strategy and demonstrates Ondo’s commitment to building a compliant and secure tokenization ecosystem along with regulators, users, and ecosystem partners. 💼 CVC Administrators have had to register as Money Services Businesses with FinCEN since the publication of FinCEN’s guidance on the “Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies” over 10 years ago. 🗣 “We are proud to be a compliant CVC Administrator and Money Services Business under FinCEN’s jurisdiction,” said @nathanlallman, CEO of Ondo Finance. “We have made regulatory compliance a leading priority in the design and development of our products,” he added. 🤝 As a Money Services Business registered with FinCEN, USDY operates anti-money laundering (AML) and know your customer (KYC) programs that verify customer identities, maintain transaction records, and report suspicious transactions. Ondo selected @chainalysis, the leading blockchain analytics firm, as its compliance technology provider to monitor onchain data for purposes of its AML program. 🗣 “The US leads the world in the development of regulated markets, and FinCEN is a core institution at the center of that activity,” said Ondo’s Chief Risk and Compliance Officer Chris Tyrrell, adding, “In our own small way, we are joining FinCEN’s mission to combat money laundering and related crimes including terrorism, safeguarding the financial system from illicit use.”