United States Launches National Cryptocurrency Enforcement Team to Investigate Criminal Misuse of Cryptocurrency – Regulation Bitcoin News

“The United States has launched the National Cryptocurrency Enforcement Team, an initiative of the Department of Justice (DOJ) to combat and prosecute criminal misuse of cryptocurrencies, particularly virtual currency exchanges, mixing and tumbling services, and money laundering.” “The key is to protect consumers,” said U.S. Deputy Attorney General Lisa Monaco.

DOJ’s new Crypto Enforcement Initiative

U.S. Deputy Attorney General Lisa Monaco has announced Creating a National Cryptocurrency Enforcement Team (NCET) during a virtual lecture at the Aspen Cyber ​​Summit on Wednesday.

The purpose of the initiative is “To address complex investigations and criminal misuse of cryptocurrencies, particularly virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure crimes committed by actors, “the judiciary will detail later.” This includes cryptocurrency payments from the Ransomware Group. “

Monaco was quoted as saying:

We are launching the National Cryptocurrency Enforcement Team today. We will not hesitate to go after the laundering platform and look to cyber experts and prosecutors and money laundering experts.

The goal of the National Cryptocurrency Enforcement Initiative is to “strengthen” the power of the Department of Justice (DOJ) to deactivate financial markets that allow cybercriminals to “evolve”. The team will include money laundering and cyber security experts.

Monaco says:

Cryptocurrency Exchange wants to be the bank of the future. Well, we need to make sure that people have confidence when using these systems and that we need to be prepared to root out abuse. The point is to protect consumers.

The Deputy Attorney General announced the initiative in another DOJ on Wednesday. The new Civil Cyber ​​Fraud Initiative “will use civil enforcement tools to track companies, government contractors, who receive federal funding when they fail to follow proposed cyber security standards,” he elaborated. “For a long time, companies have chosen silence under the misconception that it is less risky than bringing violations to the fore and reporting. That is changing today. ”

Last week, President Joe Biden said the United States was uniting 30 countries this month to tackle cybercrime, including the “illegal use of cryptocurrencies.”

What do you think about launching the DOJ National Cryptocurrency Enforcement Team? Let us know in the comments section below.

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