FinCEN receives more than 1,500 complaints related to cryptocurrency


FinCEN receives more than 1,500 complaints related to cryptocurrency

FinCEN Director Kenneth Blanco announced that the Agency receives every month more than 1,500 reports of suspicious activity related to cryptocurrency.

Blanco said that the messages came not only from various financial institutions, but also from cryptocurrency exchanges. According to him, despite the fact that cryptocurrencies can be useful in some cases, they also provide many opportunities for terrorists, financial criminals as well as States that do not recognize international law.

Also the head of FinCEN indicated the importance of reporting suspicious activity provided by financial institutions. They are able to identify activity, presumably associated with fraud and money laundering.

Reports of suspicious activity involving digital currencies, sending both banks and exchange digital currencies. These data contain information on the beneficiaries and various exchange activities, which we did not know before, as well as data on other financial institutions and subordinated to the information to which we can turn for new leads.

The head of FinCEN discussed the role of Department headed by it in the cryptocurrency industry. So, he emphasized that the organization has worked in this field, focusing on administrators, exchanges and other persons involved in money transfers related to digital currencies.

According to Blanco, FinCEN requirements apply to cryptocurrency since 2011. He believes that digital currencies are a kind of substitutes for Fiat currency. Blanco also pointed to the fact that his office is actively cooperating with other regulators, including the Commission on commodity futures trading (CFTC) and the Commission on securities and exchange Commission (SEC). Together they develop policy and regulatory approaches to virtual currency.

Also Blanco mentioned with ICO, noting that in recent years, this rapidly growing field has attracted a lot of public attention. At the same time, it involves a lot of fraud, and his Agency pays attention to it.

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