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Crypto News Flash – US Flags Firms for Illicit Gaps

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Cryptocurrencies News – The U.S. expressed concerns about certain digital companies not doing enough to prevent the misuse of their platforms for illegal financial activities. This comes after attacks in Israel. Wally Adeyemo, the U.S. Deputy Treasury Secretary, mentioned in London that while many financial institutions are eager to stop terrorist financing, some digital firms are innovating without considering the risks of illegal finance.

Adeyemo stressed that these companies should take measures to prevent terrorists from accessing funds. If they fail to do so, the U.S. and its allies will take action. The U.S. is working to stop Hamas from using international finance systems to avoid sanctions. Recently, the U.S. targeted some individuals and a cryptocurrency exchange linked to Hamas to disrupt their funding.

Cryptocurrency transactions can be made without revealing one’s identity. However, U.S. officials believe they can track these transactions when these cryptocurrencies are exchanged for traditional money. The U.S. Treasury urges crypto companies to take responsibility and assures them that if they don’t, the Treasury will step in.

While cryptocurrencies are not the primary source of funds for terror groups, the U.S. is acting now to prevent their potential misuse in the future. To boost transparency, the U.S. proposed more clarity around cryptocurrency mixers, which can be used for illicit purposes.

  • 28 October 2023
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