Bitcoin Exchange Registers in U.S. as Money Services Business

The virtual currency probably needs to go back underground

The largest Bitcoin exchange has filed key paperwork with the US Treasury's anti-money laundering agency, but it may have come too late.

Mt. Gox, based in Tokyo, registered on Thursday with the Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB), according to FinCEN's website.

The adoption of Bitcoin, a virtual currency that can be transferred worldwide for free using peer-to-peer software, has been stymied by concerns over compliance with different countries' anti-money laundering and financial regulations.

Mt. Gox's registration comes just six weeks after one of its U.S. bank accounts was seized. The order alleged Mt. Gox failed to register as a money transmitting business, which is required by many states and the federal government.