US Justice Department Forms Anti-Crypto Crime Task Force

US Justice Department Forms Anti-Crypto Crime Task Force

The United States Department of Justice has established the National Cryptocurrency Enforcement Team (NCET) to combat cryptocurrency-related crimes. This development comes as US regulators and law enforcement groups continue searching for methods to disrupt illegal virtual currency transactions.

We are well aware that cryptocurrency-related crimes have been the main problem in the past few years since Bitcoin rose in the financial world. We think establishing the National Cryptocurrency Enforcement Team is appropriate as we believe this group can stifle scammers’ illicit cryptocurrency transactions and rescue potential victims.

According to the October 11, 2021 report posted online by digital news outlet Big, the criminal division of the US Department of Justice has been the responsible entity for fighting cryptocurrency-related crimes.

Then, last week, this job was handed over to the NCET following its creation. Deputy Attorney General Lisa Monaco cited last Wednesday, October 6, that the new task force would tackle probes and prosecutions of felons committing cryptocurrency-related crimes.

Additionally, she remarked that the new group would aid in recovering the illicit proceeds from these criminal misuses of virtual currency. Monaco pointed out that the NCET would bolster the US Justice Department’s capability of dismantling the financial alliances that enable criminal entities to flourish and profit from cryptocurrency-related crimes that abuse platforms.

Based on the news posted online by business-focused, English-language international daily newspaper The Wall Street Journal, the government official also cited that as virtual currency technology advances, so too must the government agency evolve with it. Monaco explained that, in this manner, they could get poised to root out exploitation on cryptocurrency platforms and assure user confidence in these systems.

The NCET will aid in tracing and recovering cryptocurrencies lost to extortion and fraud. As this newly formed task force got established to thwart cryptocurrency-related crimes, it will reportedly be under Assistant Attorney General Kenneth Polite, Jr.’s supervision.

We are pleased to learn about the United States Department of Justice creating the National Cryptocurrency Enforcement Team last week. We understand that many cryptocurrency enthusiasts have become unwitting victims of perpetrators of cryptocurrency-related crimes.

We gathered that many of these targets suffered from the felony committed by cryptocurrency tumblers or mixers. The latter commit cryptocurrency-related crimes by charging their clients a fee to send virtual assets to a designated address.

Virtual currency mixers or tumblers usually conceal the cryptocurrency’s owner or source. We agree that these virtual currency-related offenses are certainly unfair and devastating for the victims.

With the new National Cryptocurrency Enforcement Team that the US Department of Justice established, we believe that suspicious virtual currency exchanges and illegal cryptocurrency transactions will finally come to an end.

Furthermore, this new task force will get the perpetrators of money laundering and other cryptocurrency-related crimes properly punished.

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