FinCEN: The suspicious cryptocurrency activities are on the rise

Money laundering has long been a “thorn” of the cryptocurrency market. Therefore, the Financial Crimes Enforcement Network (FinCEN) finally issued the Banking Secrecy Act and how Anti-money laundering laws apply to digital currency space.

FinCEN witnesses a huge spike in suspicious cryptocurrency activity reports

Kenneth Blanco, director of FinCEN, revealed:

“Since the May guidelines, a total of 11,000 cryptocurrency service providers have submitted the Suspicious Activity Report (SAR) to us. Of this 11,000 SAR, 2,100 cases are directly addressed to The number of suspicious activities reported to increase shows that Virtual Asset Service Providers are closely monitoring their platform and complying well with the regulations.”


Kenneth Blanco, director of FinCEN

Blanco personally appreciates the interest from the service providers:

“It is encouraging that CVC entities, dozens of whom had never filed a SAR report before the May advisory, are using the red flags and reporting suspicious activity back to us.”

Everyone knows that Venezuela, a country that has been in financial turmoil for quite some time. The hyperinflation, combined with the corrupt government, has made Venezuela increasingly weak. As a result, Venezuelans have started to use Bitcoin and cryptocurrency more. The Venezuelan government has also issued a national cryptocurrency called Petro. However, the controversy surrounding Petro is still a constant drama.

From the story of Venezuela, we can see cryptocurrency appearing more and more in real life. And the number of suspicious activities related to cryptocurrency is also increasing. More and more domestic Virtual Asset Service Providers are reporting cryptocurrency transactions related to suspicious activity on the dark web. This is a great sign, paving the way for a better legal framework in the future.

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