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Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-arbitrage-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":8,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/investing-in-cryptocurrency","featured_image":null,"youtube_video":null},{"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":416,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Flash Loan?","slug":"what-is-flash-loan","section":"F","keyword":"Flash Loan","status":"published","definition":"is a type of uncollateralized lending that is utilized across decentralized finance (DeFi) protocols based on the Ethereum network.","content":"<p>A flash loan has earned popularity throughout multiple <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum-based DeFi protocols.</p>\n<p>Flash loans are a new sort of unprotected borrowing that may be obtained through DeFi networks. These loans are used by DeFi traders for a variety of profit-generating methods, including arbitrage and collateral swaps. It is considered a solution provided by the Aave platform.</p>\n<p>So, flash loans are usually supported and funded by using lending protocols like CREAM or Aave. These offer single-transaction loans as a feature that allows them to be mixed with <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/uniswap/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Uniswap</strong></a> or other similar <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">dApps.

/n

Besides, they do not need collateral since there is no risk associated with counterparty or credit.</p>\n<p>In regards to that, flash loans are super capital-efficient since they provide big amounts of leverage. This type of capital efficiency can only be achieved in DeFi and not in the traditional financial marketplaces.</p>\n<p>Speaking of traditional finance, there are two types of loans - <strong>secured and unsecured</strong>. Banks will offer their clients unsecured loans based on their credit history.</p>\n<p>Lenders frequently require borrowers to put up collateral in order to assure that if the borrower is unable to repay the loan, the lender will still be able to recover their money. Even if the client has an excellent credit score, there are no assurances that the bank would grant a loan.</p>\n<p>This is where the idea of &ldquo;secured loans&rdquo; came from.</p>\n<p>So, an unsecured loan is when no collateral is needed. This absence of collateral does not imply that the flash loan lender will not get their money back. It simply indicates that it will just be sent back in a different manner.</p>\n<p>Rather than providing collateral, the borrower has to pay back the funds in an instant.</p>\n<p>A flash loan allows a customer to take as much as they desire without incurring any upfront fees. For instance, if someone wants to borrow $20,000 in ETH, a lending protocol will offer it to them quickly, but this does not indicate that the funds now belong to the borrower.</p>\n<p>Instead, they must use the borrowed cash to repay the obligation and maybe keep any funds that are left.</p>\n<p>In order for this to function, the operation must be fast, and the debt must be repaid to the protocol as soon as possible, otherwise, the transaction will be canceled. A blockchain enforces the loan pledge, therefore a decentralized ledger does not require collateral from the user.</p>\n<p>Even though the transactions are quick, flash loans are vulnerable to manipulation. Flash loan attacks are a sort of DeFi attack in which a malicious user acquires a flash loan through a lending protocol and distorts the market to their advantage utilizing various types of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-black-hat-hacker/">black hat</strong></a> tactics.</p>\n<p>The cheapest to perform and the easiest to get away with are the flash loan attacks. Since DeFi skyrocketed in popularity, these types of attacks have become more frequent. To specify, there are already hundreds of millions of dollars in losses. Likewise, attackers of flash loans depend on devising new ways to manipulate the market and also adhering to the blockchain laws.</p>\n<p>Rather than relying on a single DEX for its price feed, DeFi platforms might use decentralized pricing prophets like Chainklink and Band Protocol to reduce the attack vector for flash loan assaults.</p>\n<p>One of the most crucial factors that allow malicious actors to get away with flash loan assaults is the latency in response time from DeFi platform manufacturers. Automated tools should be employed to prevent this from taking place.</p>\n<p><strong>OpenZeppelin Defender,</strong> for example, is a solution that allows project managers to spot <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a> flaws and other unusual activity, allowing them to respond fast and eliminate risks.</p>\n<p>In addition, flash loans are fundamentally forms of loans, with special characteristics. They were created as part of a larger trend to make financial instruments more available to the general public, eliminating the necessity of middlemen such as banks and other traditional financial organizations.</p>\n<p>Obtaining a satisfying loan is a lengthy procedure. In a usual case, a borrower is required to repay the loan over a period of months or perhaps years. However, this is not the case with flash loans. It is instantaneous with flash loans.</p>\n<p>The smart contract for the loan must be executed in the same transaction that it is leased out, which implies that the borrower must call on other smart contracts to make quick transactions with the loaned funds before the transaction closes.</p>","level":"hard","meta_title":"What is Flash Loan? Definition & Meaning | Crypto Wiki","meta_description":"Flash Loan meaning: Flash Loan - is a type of uncollateralized lending that is utilized across decentralized finance (DeFi) protocols based on the Ethereum network.","meta_keywords":null,"language":"en","created_at":"2022-03-18T06:46:44.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-flash-loan"},"prevSection":{"id":373,"original_id":null,"author_id":41,"translator_id":null,"title":"What are Futures?","slug":"what-are-futures","section":"F","keyword":"Futures","status":"published","definition":"legal agreement between parties stating that an asset must be purchased at a predetermined date in the future for a predetermined price.","content":"<p><strong>Futures, or futures contracts, are legally binding financial agreements</strong>. They determine that traders must buy a specified asset or commodity at a predetermined date in the future for a prearranged price. The parties involved in the agreement must track the price movements of an underlying asset.</p>\n<p>These financial tools are usually employed by speculators and hedgers. It's used as a method of foreseeing future price movements. It can be a way to gain profit and avoid risks.</p>\n<p><strong>Futures are considered as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-derivative/">derivative financial instruments</strong> because their worth derives from an underlying asset. Investors typically use futures to track the prices of assets and commodities such as natural gas, bonds, wheat, or cryptocurrencies. The expiration date of futures can significantly impact the market results.</p>\n<p>In addition, futures contracts may be used to trade a variety of assets, including <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat currencies, equities, indices, government-issued debt instruments, and cryptocurrencies. Futures contracts are also used to trade oil, rare metals, agricultural products, and other assets.</p>\n<p><strong>Futures assets can be described using the expiration month</strong>. October Bitcoin means that certain <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> futures contracts are to expire in October.</p>\n<p>While futures contracts can be kept until they expire, many investors and traders choose to purchase and sell them on the open market before they expire.</p>\n<p>Futures trading platforms are able to offer leverage functionalities. Traders require just a percentage of the whole value of the contract. A futures trading platform can leverage or lend the remaining value.</p>\n<p>The initial amount that a trader must hold is known as the margin. A margin is determined based on the creditworthiness of the trader and the conditions of the trading platform.</p>\n<p>Once they approach their expiration date, futures contracts can be either cash-settled or physically settled. <strong>Cash-settled contracts</strong> mean that the underlying asset is settled by being converted into cash. <strong>Physically settled futures contracts</strong> require underlying assets to be exchanged during expiry.</p>\n<p>Traders are able to track ticks &ndash; the smallest price movements of futures contracts within a 24-hour window. Ticks refer to both increases and decreases in price.</p>\n<p>Futures traders, like other investing and trading products, frequently utilize technical analysis indicators in conjunction with fundamental research to gain additional insights into the price activity of futures contracts markets.</p>","level":"easy","meta_title":"What are Futures? Definition & Meaning | Crypto Wiki","meta_description":"Futures meaning: Futures - legal agreement between parties stating that an asset must be purchased at a predetermined date in the future for a predetermined price.","meta_keywords":null,"language":"en","created_at":"2022-03-16T07:32:57.000000Z","updated_at":"2023-01-26T09:15:02.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-are-futures"},"currentChapter":"F","currentSection":"what-is-financial-crime-enforcement-network-fincen","chapterTitle":"F","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-financial-crime-enforcement-network-fincen","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Crypto Terms: Letter F

What is Financial Crime Enforcement Network (FinCEN)?

Financial Crime Enforcement Network (FinCEN) MEANING:
Financial Crime Enforcement Network (FinCEN) - The Financial Crimes Enforcement Network (FinCEN) is a governmental agency of the United States Treasury.
Medium
2 minutes

Let's find out Financial Crime Enforcement Network (FinCEN) meaning, definition in crypto, what is Financial Crime Enforcement Network (FinCEN), and all other detailed facts.

FinCEN is the United States’ Financial Intelligence Unit (FIU) and is made of more than 100 international FIUs which make up the Egmont Group. Egmont Group is an organization that is responsible for cooperation and information sharing among FIUs.

The US Department of the Treasury founded the FinCen in the 1990s. FinCEN's objective is to promote openness in the US and worldwide financial systems in order to improve national security, discourage and identify illegal behavior, and protect financial systems from exploitation.

Furthermore, the United States Financial Crimes Enforcement Network (FinCEN) gathers and evaluates financial transaction data in order to tackle international and domestic money laundering, terrorist funding, and other financial crimes.

FinCEN is accountable for implementing, administering, and executing these policies at the Federal, State, local, and global levels. It conducts its regulatory tasks under the Currency and Financial Transactions Reporting legislation of 1970, which legal framework is typically known as the Bank Secrecy Act (BSA).

Besides, on September 26 of 2022, after Title III of the PATRIOT Act was passed, Treasury Order 180-01 made it an official bureau in the Department of Treasury.

The BSA empowers the Secretary of the Treasury to problem financial regulations to financial companies in order for them to ascertain anti-money laundering (AML) initiatives and file reports to assist in criminal, tax, assessment methods, and prosecutions, as well as particular intelligence and counter-terrorism aspects.

The network's primary goal is to defend the US financial system by preventing money laundering. It is tasked with evaluating, accumulating, and disseminating transaction information for law enforcement reasons.

Moreover, it collaborates with equivalent agencies in other nations and international entities such as the Financial Action Task Force (FATF). So, FinCEN develops a worldwide collaboration.

Also, the eagle signifies the American people's strength, pure force, and resolve. The placement in the middle, symbolizes power, as well as the pledge to security. The shield signifies the national security mission, while the bank silhouette reflects the complicated financial structure that FinCEN employs as a way of regulation.