White House Reveals New Task Force to Fight Illicit Activity on Crypto Exchanges
Main page News, US, Crypto Market, Cryptocurrency Exchanges, Money Laundering, Regulations

The Biden administration has revealed a new enforcement team as part of the new strategy on countering corruption. According to the document, the Department of Justice (DOJ) will utilize a newly established task force called the National Cryptocurrency Enforcement Team.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The task force will focus on "complex investigations and prosecutions of criminal misuses" of cryptocurrencies and crimes committed by cryptocurrency exchanges, mixing and tumbling services, the document reads. Hence, the new arm plans to fight money laundering infrastructure actors.

US Banks to Get Clarification on Crypto in 2022

The move comes after a group of officials from 32 governments reached a consensus to continue international scrutiny of cryptocurrencies to disrupt the ransomware business model. The officials noted that standards developed by the Financial Action Task Force are implemented on the global scale unequally.

The group also recognized the challenges some jurisdictions face in developing frameworks and investigative capabilities to address the constantly evolving and highly distributed business operations involving cryptocurrencies.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error