https://sputnikglobe.com/20230515/us-crypto-regulatory-head-vows-crackdown-on-digital-platforms-1110371246.html
US Crypto Regulatory Head Vows Crackdown on Digital Platforms
US Crypto Regulatory Head Vows Crackdown on Digital Platforms
Sputnik International
In January, Bitzlato, a digital exchange linked to the dark net, was taken down by the Department of Justice when its founder was arrested for allegedly transmitting over $700 million in illicit crypto funds. Beyond targeting platforms, the DOJ's crypto unit aims to enhance enforcement efforts in various areas related to cryptocurrency misuse.
2023-05-15T18:16+0000
2023-05-15T18:16+0000
2023-07-31T17:13+0000
economy
department of justice
us
crypto market
ftx
binance
opinion
bitcoin
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The top official in charge of cryptocurrency enforcement in the United States has pledged to clamp down on illicit activities taking place on digital platforms. Eun Young Choi, director of the Department of Justice's national cryptocurrency enforcement team, has emphasized the significant growth of crypto-related crimes over the past four years.The department is not only targeting crypto exchanges, but also the "mixers and tumblers" that obscure transaction trails, with a focus on companies involved in criminal activities or enabling money laundering. Choi believes that targeting these platforms will have a multiplier effect in curbing criminal behavior.According to her, the Justice Department's efforts to target digital platforms will serve as a deterrent and encourage businesses to comply with anti-money laundering regulations and implement robust risk mitigation measures. Choi, who leads the newly established crypto enforcement unit, highlighted the increasing misuse of digital assets for illicit purposes, which has paralleled their broader adoption by the public.The statement comes in the wake of the cryptocurrency industry shock following the collapse of FTX, an exchange once considered a reputable player in the volatile sector. FTX founder Sam Bankman-Fried is facing criminal charges related to wire fraud, money laundering conspiracy, and violations of campaign finance laws.The US government has also taken action against Binance, the world's largest crypto exchange, suing the company and its CEO for alleged illegal operations in the country.While there are concerns about the potential disruption that a crackdown on influential companies like Binance could cause, Choi made it clear that the Department of Justice would not consider a company's size when considering potential charges.If a company has gained a significant market share by flouting US criminal law, it cannot expect leniency based on claims of being "too big to fail." Choi emphasized the importance of sending a message that size or influence should not shield anyone from accountability in the crypto industry or any white-collar crime.
https://sputnikglobe.com/20230223/founder-of-failed-crypto-exchange-ftx-charged-with-defrauding-us-election-commission-1107749563.html
https://sputnikglobe.com/20221127/trump-says-justice-department-is-corrupt-1104766393.html
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us to push down crypto platforms, ftx, bitzlato, us department of justice, crypto currencies control
us to push down crypto platforms, ftx, bitzlato, us department of justice, crypto currencies control
US Crypto Regulatory Head Vows Crackdown on Digital Platforms
18:16 GMT 15.05.2023 (Updated: 17:13 GMT 31.07.2023) In January, Bitzlato, a digital exchange linked to the darknet, was taken down by the Department of Justice when its founder was arrested for allegedly transmitting over $700 million in illicit crypto funds. Beyond targeting platforms, the DOJ's crypto unit aims to enhance enforcement efforts in various areas related to cryptocurrency misuse.
The top official in charge of cryptocurrency enforcement in the United States has pledged to clamp down on
illicit activities taking place on digital platforms. Eun Young Choi, director of the Department of Justice's national cryptocurrency enforcement team, has emphasized the significant growth of crypto-related crimes over the past four years.
The department is not only targeting crypto exchanges, but also the "mixers and tumblers" that obscure transaction trails, with a focus on companies
involved in criminal activities or enabling money laundering. Choi believes that targeting these platforms will have a multiplier effect in curbing criminal behavior.
23 February 2023, 18:43 GMT
According to her, the Justice Department's efforts to target digital platforms will serve as a deterrent and encourage businesses to comply with anti-money laundering regulations and implement robust risk mitigation measures. Choi, who leads the newly established crypto enforcement unit, highlighted the increasing misuse of digital assets for illicit purposes, which has paralleled their broader adoption by the public.
The statement comes in the wake of the cryptocurrency industry shock
following the collapse of FTX, an exchange once considered a reputable player in the volatile sector. FTX founder Sam Bankman-Fried is facing criminal charges
related to wire fraud, money laundering conspiracy, and violations of campaign finance laws.
27 November 2022, 22:04 GMT
The US government has also taken action against Binance, the world's largest crypto exchange, suing the company and its CEO for alleged illegal operations in the country.
While there are concerns about the potential disruption that a crackdown on influential companies like Binance could cause, Choi made it clear that the Department of Justice would not consider a company's size when considering potential charges.
If a company has gained a significant market share by flouting US criminal law, it cannot expect leniency based on claims of being "too big to fail." Choi emphasized the importance of sending a message that size or influence
should not shield anyone from accountability in the crypto industry or any white-collar crime.
