According to Kenneth Blanco, Director of the Network to combat financial crimes (FinCEN), the Agency receives monthly more than 1,500 reports of suspicious activity related to cryptocurrency. This was reported on the website of the Department.
According to Blanco, these messages arrive not only from different institutions but also from cryptocurrency exchanges. He also noted that even though virtual currency and can bring in some cases favor, they also create a wealth of opportunity for
financial criminals, terrorists, and rogue States do not recognize international law.
In addition, the head of FinCEN stressed the importance of reporting suspicious activity (Suspicious Activity Report SAR). The latest available financial institutions, who managed to identify the activity, presumably associated with fraud and money laundering. According to Blanco, his office receives every month more than 1500 SAR relating to suspicious transactions with cryptocurrency.
“They were sent to both banks and exchanges of virtual currencies. These reports provide law enforcement with important clues. These data contain data on beneficiaries and various exchange activities, which we did not know before, as well as subordinate information and data on other financial institutions to whom we can contact to get new leads” — said Blanco.
The head of FinCEN also discussed the role of Department headed by it in kriptonyte. In particular, he stressed that the organization has worked in this field, paying particular attention to “exchanges, administrators and others involved in money transfers” associated with the cryptocurrency.
Requirements FinCEN, according to Blanco, 2011 apply to cryptocurrencies. The latter, he notes, are a kind of substitutes for Fiat currency. Blanco also noted that his Department was actively cooperating with other regulators, including the Commission on securities and exchange Commission (SEC) and the Commission on commodity futures trading (CFTC), “developing policy and regulatory approaches” in relation to cryptocurrencies.
The head of FinCEN also addressed the issue related to primary offerings of coins (ICO), noting that “this rapidly growing field recently attracted a lot of public attention”. Blanco also said that ICO is so much fraud and his office pays attention to it.
We will remind, the American branch of the cryptocurrency exchange Huobi has checked in at FinCEN as a “supplier of financial services.”