Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 50

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 50
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 could make it impractical for us to continue our business as currently conducted, impair the agreements and
arrangements between and among us and our senior management team and materially and adversely affect our business, financial condition
and results of operations.

To the extent the SEC staff
publishes new guidance with respect to these matters, we may be required to adjust our strategy or assets accordingly. We cannot assure
you that we will be able to maintain our exclusion from registration as an investment company under the Investment Company Act. In addition,
as a consequence of our seeking to avoid the need to register under the Investment Company Act on an ongoing basis, we may be limited
in our ability to engage in digital asset mining operations or otherwise make certain investments or engage in certain transactions, and
these limitations could result in our holding assets we may wish to sell or selling assets we may wish to hold, which could materially
and adversely affect our business, financial condition and results of operations.

If we are required to register as a money
services business (“ MSB”) under the regulations promulgated by the FinCEN, or otherwise under state laws, we may incur significant
compliance costs, which may have a material negative effect on our business and the results of operations.

To the extent that our activities
cause us to be deemed an MSB under the regulations promulgated by FinCEN under the authority of the U. S. Bank Secrecy Act, we may
be required to comply with FinCEN regulations, including those that would mandate us to implement anti-money laundering programs,
make certain reports to FinCEN and maintain certain records.

To the extent that our activities
would cause us to be deemed a “money transmitter” (“ MT”) or equivalent designation, under state law in any state
in which we may operate, we may be required to seek a license or otherwise register with a state regulator and comply with state regulations
that may include the implementation of anti-money laundering programs, maintenance of certain records and other operational requirements.
For example, in August 2015, the New York State Department of Financial Services enacted the first U. S. regulatory framework
for licensing participants in “virtual currency business activity.” The regulations, known as the “ BitLicense,”
are intended to focus on consumer protection and regulate the conduct of businesses that are involved in “virtual currencies”
in New York or with New York customers and prohibit any person or entity involved in such activity to conduct activities without
a license.

Such additional federal or
state