Last year, Ripple Labs, creator of the virtual currency XRP, was fined $0.7 million (~£540,000) by the US Financial Crimes Enforcement Network for violating regulations concerning money laundering.
Some observers cite this as the moment cryptocurrencies shaved off their startup hipster beards, put on a tie, and went mainstream. Being fined by a regulator means that you’re part of the financial services industry at last.
Given that the first and most famous cryptocurrency, Bitcoin, was launched back in 2009, it has taken the wider industry a relatively long time to warm to it.
