Biden's new crypto enforcer plans crackdown on exchanges, scams, DeFi hacks Cryptocurrencies
Choi said the Justice Department will target cryptocurrency exchanges as well as the “mixers and tumblers” that help hide the trail of transactions from regulators. Choi was appointed by President Joe Biden last year to direct the DoJ’s new national cryptocurrency enforcement team.
Choi said she believed focusing on platforms will “send a deterrent message” to other digital assets businesses that are circumventing anti-money laundering or know-your-customer rules, or do not have robust compliance and risk mitigation measures. In December, there were reports of a split between DoJ prosecutors that was delaying the conclusion of a long-running criminal investigation into Binance, the world's largest cryptocurrency exchange. The investigation began in 2018 and is focused on Binance's compliance with U.S. anti-money laundering laws and sanctions against states like Iran.
The DoJ’s crypto unit will also focus on investment scams, which caused $2.5 billion in losses in 2022 compared to around $900 million in 2021 according to the FBI.
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