US DoJ to Tighten Supervision of Crypto Exchanges in the Country
The US Department of Justice (DoJ) has announced that it will take “strong action” against illegal activities on cryptocurrency trading platforms.
Eun Young Choi, the director of the National Digital Asset Enforcement Group (NCET), stated that their goal is to stop exchanges that enable criminals to easily “profit from their crimes and cash out” without adhering to necessary Know Your Customer (KYC)/Anti-Money Laundering (AML) regulations.
In addition, she mentioned that the amount of crypto-related crimes has “significantly” increased over the past four years.
NCET will also be taking additional measures to prevent investment fraud; the FBI estimates that the amount of money lost as a result of such schemes has increased from $900 million in 2021 to $2.5 billion in 2022.
Furthermore, the DoJ is conducting an investigation into parent company Binance Holdings Ltd. for potential violations of sanctions against Russia, despite the firm’s repeated declarations of full compliance with all US and international restrictions.
