Photo: Chinnapong via Adobe Stock New Enforcement Tools in Regulating Cryptocurrency
This article takes a look at the National Cryptocurrency Enforcement Team's first public action working with the Department of Treasury in targeting the Hong-Kong-based exchange, Bitzlato Ltd., which allegedly served as a haven for money laundering and cybercrime. The action could have broad ramifications for the cryptocurrency market and financial institutions that deal in cryptocurrency.
March 06, 2023 at 02:00 PM
4 minute read
Columns
We can't say they didn't warn us. Earlier this year, the U.S. government said it would scrutinize the cryptocurrency markets and their relationship with banks. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency warned financial institutions that cryptocurrency was being used for fraud and money laundering, and posed contagion risks, concentration risks and a challenge to existing governance mechanisms.
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