FinCEN Receives 1,500 Crypto Complaints A Month

August 13, 2018

The Financial Crimes Enforcement Network (FinCEN) reports to receive over 1,500 crypto sector-related complaints a month from financial organizations.

At the recent Chicago Conference the FinCEN director Kenneth Blanco told about the role his agency plays in the crypto industry regulation and claimed, for a long time FinCEN has been looking in the matters of unfair crypto transactions. He added that for today FinCEN together with the US Securities and Exchange Commission and the US Commodity Futures Trading Commission comprise a large crypto industry regulatory system. Now these committees are focused on elaborating policies and legal frameworks for this sector.

Blanco also noted some positive sides of using digital currency yet called for keeping in mind the negative ones like illegal use by scammers and terrorists.

Moving on, the director of the agency highlighted the importance of the Suspicious Activity Report (SAR). SAR is supposed to be filed by some institution when detecting suspicious activities like money laundering or scam. According to the data voiced by Blanco, the Committee receives over 1,500 of such reports on cryptocurrency activity.

Noteworthy is that Blanco stated, the document comes from both conventional financial institutions and crypto industry-related ones which demonstrates concerns by both traditional and crypto market players.


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