The United States Department of Justice recently took its attention to some of the illicit activities going on in the crypto industry, which has significantly dampened the optimal participation of global Investors.
Some hours ago, US Attorney General released an 83-page report, centered around the “Cryptocurrency Enforcement Framework”
The report is targeted at entities who participate in the following
- (1) engage in financial transactions associated with the commission of crimes, such as buying and selling drugs or weapons on the dark web, leasing servers to commit cybercrimes, or soliciting funds to support terrorist activity;
- (2) engage in money laundering or shield otherwise legitimate activity from tax, reporting, or other legal requirements; or
- (3) commit crimes directly implicating the cryptocurrency marketplace itself, such as stealing cryptocurrency from exchanges through hacking or using the promise of cryptocurrency to defraud unwitting investors.
Why it’s happening; The objective purpose of the program is working with all law enforcement agencies in order to prevent the use of cryptocurrencies by such criminals.
Despite the many complexities amid prevailing around the geopolitical spectrum, the U.S Department of Justice had aggressively investigated and prosecuted a range of malign actors who have used cryptocurrencies to facilitate or to conceal their illicit activities.
Similarly, the Department has brought actions against individuals and companies that have failed to meet their legal obligations to counter illicit activity.
In particular cases, it has even proceeded against the illicit crypto itself, seizing those virtual assets and removing them from the stream of international commerce, irrespective of our ability to identify or to apprehend the actors who used them.