According to Kenneth Blanco, the head of the Financial Crimes Enforcement Network (FinCEN), his agency receives more than 1,500 reports on suspicious activity related to cryptocurrencies per month. This is reported on the agency’s official website.
According to Blanco, these messages come not only from various financial institutions, but also from crypto-exchanges. He also noted that even though virtual coins can bring some benefits in some cases, they also create opportunities for financial criminals.
In addition, the head of FinCEN underlined the importance of reports on suspicious activity. The latter are provided by financial institutions, which managed to identify the activity allegedly associated with fraud and money laundering.
The head of FinCEN also discussed the role of his department in the crypto industry. In particular, he stressed that the organization has been working with crypto for a long time. Blanco also noted that his department actively interacts with other regulators, including the SEC and the Commodity Futures Trading Commission (CFTC).