The virtual currency trade is expanding at a rapid speed along with a significant rise in the crypto complaints as well. The Financial Crimes Enforcement Network (FinCEN) a bureau of US treasury department is receiving about 1,500 crypto complaints a month from various financial institutions. Indeed digital coins have proved to be a great source of money and trade but they also impact the online scam activities.
According to Coin Desk, FinCEN director Kenneth Blanco recently addressed techie enthusiasts at Chicago-Kent Block (Legal) Tech Conference explaining the role of their agency in the regulation of crypto complaints. He stated that digital currency has created several opportunities for the investors but it also acts as a negative agent for fraudsters, terrorists and rogue states.
Dealing With Crypto Complaints
He further stated that there are huge importance of Suspicious Activity Report (SAR) filings which is a type of document created by finance institutions. It is usually created after following a suspicious money transfer or fraud activity. Blanco revealed that their agency has received over 1,500 SARs (crypto complaints) every month. This indeed is a huge figure which showcases a much darker side of cryptocurrency trade.
The reports are said to have originated from both cryptocurrency exchanges and traditional finance operators. Their complaints have given a critical lead to the agency for law enforcement to curb illegal activities. The information consists of beneficial ownership information, jurisdictional information, activity attributes and new leads. All such information is obtained from the Suspicious Activity Report and related documents provided by the organizations.
FinCEN director has been working in the crypto domain for years and he has a vast experience in dealing with exchanges and traders. The agency is working closely with the U. S. Commodity Futures Trading Commission (CFTC) and U. S. Securities and Exchange Commission (SEC) to deal with the emerging market trends.
It is speculated that the agencies are monitoring all the crypto complaints closely and are said to come up with a unique solution to deal with them.
The post FinCEN Director Reveal Dramatic Rise In Number Of Crypto Complaints appeared first on OWLT Market.
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