The Department of Justice (DOJ) is about to crack down on the crypto industry in an alleged attempt to prevent the flow of illicit funds.
According to a report from the Financial Times (FT), the DOJ’s top crypto enforcement czar, Eun Young Choi, is promising a new wave of scrutiny on crypto exchanges and mixing services.
Choi says the government is now digging its heels deeper into the industry, saying the level of crime within the sector has grown “significantly”. She says the platforms that commit or allow crypto-crime need to be attacked in a more persistent way.
“But on top of that, they allow all other criminal actors to easily profit from their crimes and make money in ways that are clearly problematic to us. And so we hope that by focusing on those types of platforms we will have a multiplier effect.”
Without mentioning Binance, Coinbase, or any other major crypto company, Choi warns that no company is too big or too prominent to circumvent the DOJ.
“[A company’s size] is not something the department will tolerate [while weighing potential charges]. [If a company] has gained significant market share partly because they are [flouting] american criminal law, [he DoJ cannot] being in a position where we give someone a pass because they say, ‘Well, now we’ve gotten too big to fail’…
Think about what message it would send. It can’t be the way we think when it comes to crypto, when it comes to white collar crime.”
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