Biden Administration ‘Crypto Tsar’ Says DOJ will Target Digital Asset Exchange Platforms – Regulation Bitcoin News
According to Eun Young Choi, Head of the Cryptocurrency Unit at the US Department of Justice (DOJ), the US decided to target digital platforms because they make it easier for criminals and money launderers. Choi said that the DOJ hopes actions against entities like cryptocurrency exchanges “will have a ripple effect.”
The Department of Justice to target mixers and acrobats
Eun Young Choi, the ministry’s so-called cryptocurrency czar, said the US Department of Justice (DOJ) will target digital asset exchange platforms and entities that provide mixers and tumblers that are used to disguise the path of transactions. According to Choi, who became director of the enforcement team in 2022 within the department, the DOJ targets such companies because it makes it easier for money launderers to move money around undetected.
Besides enabling criminals to benefit from their actions, Choi said the DOJ hopes the action against digital platforms will have a broader impact. Choi It said advertiser:
But on top of that, they allow all other criminal actors to easily profit from their crimes and spend money in ways that are clearly problematic for us. And so we hope that by focusing on those types of platforms, we’ll have a ripple effect.
By focusing on digital platforms, Choi said her department is also sending a “deterrent message” to companies that circumvent sanctions and those that don’t follow required customer identification rules.
US Crypto Crackdown Campaign
During her tenure as crypto czar of the Biden administration, the US government cracked down on crypto platforms and influencers. In addition, a record fine has been issued against alleged crypto fraudsters. The US government’s increasingly hardline stance on cryptocurrency has, in turn, prompted crypto entities like Coinbase to consider moving to countries with less stringent regulations.
However, despite threats from cryptocurrency exchanges to withdraw from the country, Choi suggested that the campaign is necessary to prevent criminal elements from using cryptocurrency to achieve their goals.
“We’re seeing the volume and scope of digital assets being used in a variety of illicit ways grow exponentially over the past four years, for example,” Choi said.
In addition to targeting cryptocurrency exchanges, the Choi Cryptocurrency Unit within the Department of Justice is also targeting investment scams. According to the report, in April alone, the administration seized more than $112 million in crypto assets that it said were linked to such scams.
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