Suspicious Crypto Activity Reports Up After FinCEN Guidance

Law360 (December 11, 2019, 1:24 PM EST) -- The director of the Financial Crimes Enforcement Network said Tuesday that his agency has seen a significant uptick in the reporting of suspicious activity related to virtual currencies since issuing guidance for the space in May.

In prepared remarks before a banking and legal conference in Washington, D.C., on Tuesday, FinCEN Director Kenneth Blanco said more than 11,000 Suspicious Activity Reports related to the convertible virtual currencies have been filed in the six months since the agency released a comprehensive set of guidelines for the application of money transmission regulations to different types of cryptocurrency businesses.

Approximately 7,111 of those reports,...

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