The Department of Justice (DOJ) is about to initiate a crackdown on the crypto industry in a purported effort to prevent the flow of illicit funds.
According to a report from the Financial Times (FT), the DOJ’s top crypto enforcement tsar Eun Young Choi is promising a new wave of scrutiny over crypto exchanges and mixing services.
[adinserter block="1"]Choi says that the government is now digging its heels deeper into the industry as she says that the scale of crime within it has grown “significantly.” She says the platforms that commit crypto crime, or allow it to happen, need to be targeted in more persistent ways.
“But on top of that, they’re allowing for all the other criminal actors to easily profit from their crimes and cash out in ways that are obviously problematic to us. And so we hope that by focusing on those types of platforms, we’re going to have a multiplier effect.”
Without mentioning Binance, Coinbase or any other large crypto firm, Choi warns that no company is too big or too prominent to skirt the DOJ’s purview.
“[A company’s size] is not something that the department will countenance [while weighing potential charges]. [If a company] has amassed a significant market share in part because they’re [flouting] US criminal law, [he DoJ cannot] be in a position where we give someone a pass because they’re saying ‘Well, now we’ve grown to be too big to fail’…
Think of what message it would send. It can’t be the way that we think when it comes to crypto, when it comes to any white-collar crime.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/WWWoronin
