US Department of Justice creates special investigative group on cryptocurrencies

A special law enforcement unit will appear in the US Department of Justice. Its employees will be engaged in overseeing operations with cryptocurrencies.

On October 6, US Deputy Attorney General Lisa Monaco announced the creation of the National Cryptocurrency Enforcement Team, or NCET. Its tasks will include suppression of the “criminal misuse” of cryptocurrencies. The work of the NCET investigation team will focus on identifying fraudulent activities on crypto exchanges, money laundering activities using cryptocurrencies and other illegal activities that use digital assets to bypass regulatory barriers.

“Today we are launching the National Cryptocurrency Enforcement Team to draw on the department’s cyber and money laundering expertise to strengthen our capacity to dismantle the financial entities that enable criminal actors to flourish—and quite frankly to profit—from abusing cryptocurrency platforms,” Deputy Attorney General Lisa Monaco said in a statement. “As the technology advances, so too must the department evolve with it so that we’re poised to root out abuse on these platforms and ensure user confidence in these systems.”

NCET will look to “deter, disrupt, investigate, and prosecute criminal misuse of cryptocurrency, as well as to recover the illicit proceeds of those crimes whenever possible,” the Justice Department said in its press release. Assistant Attorney General Kenneth A. Polite commented that the new team will continue the work that the Justice Department’s Criminal Division is already doing to fight crime on cryptocurrency platforms.

“The creation of this team will build on this leadership by combining and coordinating expertise across the division in this continuously evolving field to investigate and prosecute the fraudulent misuse, illegal laundering, and other criminal activities involving cryptocurrencies.”


Share this article: