The US Department of Justice’s Crypto Enforcement Director has made a firm commitment to crack down on illicit behavior occurring on cryptocurrency exchanges, according to a report by the Financial Times. In an effort to combat illegal activities in the crypto space, the director has pledged to take decisive measures and enforce stringent regulations.

US Department of Justice’s Crypto Enforcement Director Vows to Crack Down on Illicit Behavior on Exchanges

According to a recent report by the Financial Times (FT), Eun Young Choi, the head of crypto enforcement at the US Department of Justice (DOJ), has pledged to take decisive action against illicit activities occurring on cryptocurrency trading platforms. Choi, who serves as the director of the National Cryptocurrency Enforcement Team (NCET), highlighted the DOJ’s focus on targeting crypto exchanges that facilitate criminal actors in profiting from their unlawful activities and effectively cashing out.

The primary objective behind this crackdown is to combat the significant growth of crypto-related crimes witnessed over the past four years. Choi emphasized that the department’s attention is particularly directed towards businesses that evade anti-money laundering and know-your-customer regulations or exhibit inadequate compliance measures and risk mitigation protocols.

Choi expressed confidence that by specifically targeting such platforms, they would generate a multiplier effect in their efforts. Additionally, the NCET aims to increase the number of enforcement actions taken against investment scams, often referred to as “pig butchering” schemes, which involve scammers building long-term relationships with their victims before executing their fraudulent activities. Last month, the agency announced the successful busting of approximately $112 million from six such scams. The Federal Bureau of Investigation (FBI) estimated that in 2022 alone, investment fraud resulted in the theft of around $3.31 billion, with over $2.5 billion of that amount originating from crypto-related scams.

The DOJ’s firm stance against illicit behavior within the crypto industry reflects the growing concern over the rising incidence of crypto-related crimes. By enforcing stricter regulations and taking decisive action against non-compliant platforms, the department aims to curb unlawful activities and safeguard investors from fraudulent schemes.

Сообщение FT: US Department of Justice’s Crypto Enforcement Director Vows to Take Strict Action Against Unlawful Activities on Cryptocurrency Exchanges появились сначала на Coinstelegram.

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