Facebook announces its crypto subsidiary Calibra is registered with US FinCEN

Cryptocurrency • June 18, 2019, 11:31AM EDT

UPDATED: June 19, 2019, 11:47AM EDT

Social media giant Facebook’s newly announced cryptocurrency subsidiary, Calibra, is registered with the U.S. Financial Crimes Enforcement Network (FinCEN), the country’s anti-money-laundering regulator.

Calibra, which will offer a digital wallet for the Libra cryptocurrency, registered as a money services business (MSB) with FinCEN in February, with an address listed in Menlo Park, Calif.

Calibra registered with FinCEN as a money services business (MSB) in February. Calibra’s MSB registration number is 31000141265767. Calibra may also need to obtain state money transmission licenses in each of the states that it operates in, depending on the particular state's licensing requirements and Calibra's activities in that state.

“Facebook created Calibra, a regulated subsidiary, to ensure separation between social and financial data and to build and operate services on its behalf on top of the Libra network,” the firm’s white paper released today reads in part.

Calibra's website, which also went live today, states that it will help people send money to each other as easily as they send “a message or a photo” using its messaging apps Whatsapp and Facebook Messenger, and a government-issued ID.

Libra is currently under development by Calibra and is expected to launch sometime next year.

This post was updated to reflect that Calibra may need to secure more licenses to operate in certain states as a money transmitter

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.