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Regulation of Cryptocurrencies Increases, Business and Industry Trends Analysis

Billions of dollars in losses to fraud and hacking relating to cryptocurrencies has spawned calls for government regulation.  By August 2023, three Democratic U.S. senators had written to the Biden administration, asking it to help counteract North Korea’s activities that led to more than of $3 billion in cryptocurrency hacking, which the country is believed to be using to fund its nuclear weapons program.
Also, in October 2023, the U.S. Treasury Department designated certain cryptocurrency exchanges called “mixers” as a threat to national security.  These mixers provide investors with anonymity and ultimately serve as money laundering hubs.  The designation requires specific reporting of transactions, a significant first step in regulation.
The Treasury Department scored a big win in November of 2023 when cryptocurrency exchange Binance’s CEO pleaded guilty to breaking anti-money laundering laws and stepped down from his job.  The company was slapped with a $4.3 billion fine and must shift its operations to block transactions that appear to violate anti-laundering rules and then report those trades to the U.S. government.  Binance has shifted from a money laundering transgressor to a Treasury rules enforcer.
Cryptocurrency has status as the preferred method of payments for fraudsters committing ransomware, faked online romance fraud schemes (“pig butchering”) and other digital frauds involving massive amounts of money yearly.  We are likely to see governments worldwide attempting to take a much larger role in crypto market and company regulation.  Money laundering via cryptocurrency is so simple to accomplish in a hidden manner that government agencies that want to fight crime have no choice but to look for ways to keep a much tighter leash on crypto markets.


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