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US DOJ Increases Pressure Against Cryptocurrency Exchange

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The United States Department of Justice promises to intensify its crackdown against illegal cryptocurrency exchanges, mixers, and DeFi platforms.

READ ALSO: SEC Charges Website Operators Of Multiple Website For Offering Fraudulent Crypto Assets

Currently, the US DOJ’s national crypto enforcement team NCET promises to increase pressure against bad actors within the crypto market.

More Details of the News

On May 15, the appointed director of the National Cryptocurrency Enforcement team, Eun Young Choi made certain declarations.

He said, “The US DOJ is focusing on DeFi Platforms, cryptocurrency exchanges, and crypto mixers.”

Their main targets are those that allow crimes to happen or commit the crimes like allowing money laundering.

The DOJ aims to send a restraint message to the crypto entities that dodged anti-money laundering or identification laws.

Also, the message is for those entities that fail to develop firm compliance, risk mitigation, and cybersecurity procedures.

The NYDS (New York State Department of Financial Services) has increased its restrictions against crypto companies that don’t meet procedures.

Promises to Bring Down Cryptocurrency Bad Actors

The US DOJ’s NCET Director, Eun Young Choi, is making massive efforts against bad actors in the crypto industry.

Furthermore, he said, “Their targets are mixers, companies, and crypto exchanges that commit crimes that affect the crypto market negatively.”

They also target includes those organizations that enable money laundering.

They will pressure the illicit actors within the cryptocurrency market since crypto crimes have significantly increased in the previous years.

READ ALSO: Crypto Market: Binance.US plots Changpeng Zhao Detronement

Despite that, these targets for crackdown allowed other bad actors to profit through their crimes.

And cash out in ways that are quite disturbing to the commission.

In addition, the Department of Justice will target crimes and hacks found in the DeFi space, most especially chain bridges.

After all, DeFi’s attacks records have increased in a few years together with investor losses that amounted to billions of USD.

Backstory

The Department of Justice crypto enforcement team is under the Administration of President Biden.

They surfaced as one of the government agencies with a firm stance on cryptocurrency globally.

After the crisis of the FTX, regulators such as the United States Securities and Exchange Commission (SEC) intensified scrutiny against cryptocurrency exchanges.

Moreover, various exchanges such as Coinbase and Binance became targets.

The United States CFTC filed a suit against Binance and its CEO Changpeng Zhao

for violation of commodities law and failure to comply with the laws.

 

 

 

 

 

 

 

 

 

 

 

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