Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. companies shouldn’t wait for the U.S. government to sanction an address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. involved in illicit activities before blocking it, a FinCEN official said.
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A top U.S. Treasury Department official has warned the cryptocurrency industry to actively block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. wallets “ problems The “illegal activities, even before that or any other government agency orders it to do so.
Financial Crimes Enforcement Network a network refers to all nodes in the operation of a blockchain at any given moment in time. (FinCEN) Associate Director of Compliance Alessio Evangelista said during a recent event that digital currency service providers shouldn’t wait until Treasury sanctions an address to block it. The media CoinDesk reported, citing the official’s remarks during the LINKS conference, of Chainalysis .
“ Too often “cryptocurrency service providers have chosen to keep a relaxed attitude about blatantly suspicious wallets “ up to the day of an OFAC designation or criminal indictment “Evangelista said. The comment refers to the list of sanctioned entities of the U.S. government.
The Office of Foreign Assets Control (OFAC) is the financial watchdog under the Department of the Treasury that administers and enforces economic and trade sanctions based on U.S. policy. FinCEN, also part of the Treasury, is a financial crimes compliance office.
Crypto-companies must take matters into their own hands
The official went on to point out that cryptocurrency sector companies están ” putting their own reputation at risk “ by ignoring “ clearly observable warning signs that they could and possibly should have taken note of long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. ago “. He added that he believes that companies in the sector have an obligation to effectively police themselves.
The comments appear to reference recent efforts by federal agents in the country to detect and curb digital currency crimes. Last month, the Treasury Department confirmed the connection of a group of hackers North Koreans with the attack of more than USD $600 million to the network Ronin of the popular gameAxie Inifnity.
At that time, OFAC identified an address of Ethereum a decentralized open-source blockchain with smart contracts functionality. as responsible for the hack and included it on its list of sanctioned entities. More recently, this month, the office sanctioned for the first time a cryptocurrency mixer for alleged use in that and other attacks by North Korean cybercriminals. It has also added more crypto addresses to its blacklist.
Evangelista made mention of this recent development during the talk, as reported by CoinDesk . “ These funds were stolen to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. a totalitarian regime that spends its money on developing weapons of mass destruction at the expense of feeding its citizens.” he said, referring to North Korea.
The official also reportedly called out cryptocurrency projects that use the term “ decentralization the handover of control from a central authority to several different custodians. The “fashionable word” as a buzzword and a way to evade their compliance obligations. Crypto-entities operating under the direction of individuals cannot evade their compliance obligations by falsely calling themselves decentralized, he said.
- U.S. Treasury imposed sanctions on cryptocurrency company doing business with Russia
- Tornado Cash, cryptocurrency mixer, works to block sanctioned addresses
- U.S. Justice Department indicts two Europeans for advising North Korea on Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and cryptocurrencies
Article by Hannah Estefania Perez / DiarioBitcoin
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