More cryptocurrency businesses are reporting suspicious transactions to the government after the nation’s main financial intelligence unit issued a compliance advisory and guidance earlier this year, a top official said Nov. 15.
The Financial Crimes Enforcement Network (FinCEN) received more than 10,000 suspicious activity reports related to convertible virtual currencies since its advisory went live in May, according to Kenneth Blanco, the agency’s director. Of those reports, about 6,600—or two-thirds—were from entities operating in the cryptocurrency sector, including kiosks, exchanges and peer-to-peer exchangers.
“I point this out because it’s very important,” he said during a Chainalysis blockchain conference in New ...