FinCEN Notes a Strong Increase in Suspicious Cryptocurrency Transaction Reports

0
CryptoMode Brian Klein Virgil Griffith

Cryptocurrencies are commonly used across the United States.  So much even that the number of suspicious activity reports filed to FinCEN continues to explode at the same time. 

It would appear the majority of cryptocurrency companies is filing suspicious activity reports to FinCEN.

Cryptocurrency Scrutiny Benefits FiNCEN

All service providers in the industry are legally required to do so.

Most of these reports have to do with the Banking Secrecy Act and how it affects the different cryptocurrencies. 

With over 11,000 reports to date, FinCEN continues to pay close attention to what takes place within the cryptocurrency industry.

Interestingly enough, there are over 2,100 files closely monitoring the cryptocurrency space for potentially nefarious behavior.

It is crucial for service operators to keep engaging in this type of activity.

Without service providers reporting suspicious activity, Bitcoin and altcoins will never be considered legitimate in the eye of the public. 

A fair few of these reports originate from Venezuela, once considered to be a potential hotbed for cryptocurrencies. 

Financial uncertainty in that country as well as other countries, tends to facilitate the launch of unregistered money services businesses.

Additionally, there is the globally increasing scrutiny of darknet transactions.

Without the darknet, there is a genuine chance Bitcoin would never have become as popular as it is today. 

Even so, the darknet remains a place where internet criminals tend to hang out and offer products or services in exchange for Bitcoin payments. 


None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.