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As the world of digital currencies continues to evolve, so does the U.S. government's approach to monitoring and regulating its activities. According to an exclusive report from the Financial Times, the U.S. is significantly amplifying its oversight of cryptocurrency trading platforms to counteract illicit activities within this burgeoning sector.
The U.S. Department of Justice (DOJ) has put its focus on the crypto industry, which either partakes in illegal activities directly or provides an environment that facilitates actions such as money laundering. Eun Young Choi, the DOJ's dedicated National Cryptocurrency Enforcement Team (NCET) lead, shared these insights with the FT. Choi expressed concern over these platforms' role in enabling criminal elements to convert their ill-gotten gains into assets, thereby exacerbating the issue. She stated, "By targeting such platforms, we hope to create a ripple effect."
In a notable development earlier this year, the DOJ leveled charges of identity theft and money laundering against Minh Quoc Nguyen, a Vietnamese national, alleging his flagrant disregard for financial regulations through his involvement with the crypto platform ChipMixer.
This increased oversight signifies the DOJ's commitment to reinforcing its supervisory role, aiming to send a clear warning to companies that have previously circumvented anti-money laundering and client identification requirements or that have fallen short in implementing robust compliance and risk management measures, according to Choi.
While not referring to any particular company, Choi clarified that the organization's size would not influence the DOJ's consideration when deciding potential charges.
In addition, the DOJ is shifting its focus towards decentralized finance-related crimes, notably "chain bridges" - a feature allowing users to swap various digital tokens. Moreover, the department is paying attention to emergent projects with code vulnerabilities that may be exploited for illicit purposes, added Choi.
