Cryptocurrency trade Coinbase has acquired an award from the Financial Crimes Enforcement Network (FinCEN) for its contribution to prison investigations. In an April 11 put up on X (previously Twitter), Paul Grewal, Coinbase’s Chief Legal Officer disclosed the official letter from the federal government company.
FinCEN Stresses Compliance
Coinbase contributed to the investigations of one of many seven main prison circumstances spurring the FinCEN Director’s Law Enforcement Award. Firms bagged the award after reporting beneath the Bank Secrecy Act (BSA) was used to successfully prosecute circumstances.
“The investigations nominated for consideration in this year’s award program may not have been pursued without the BSA reports that financial institutions like yours make, pursuant to FinCEN’s regulatory requirements…. We want to provide this letter and a summary of related cases about your institution’s invaluable contribution.”
The company urged monetary corporations to not comply based mostly on necessities however to battle crime and defend the United States monetary markets. In current months, United States regulators have ramped up regulatory efforts to curb digital asset fraud in a bid to guard buyers. Global authorities have joined their United States counterparts searching for collaborative regulatory efforts.
The company underscored the significance of the BSA reporting to stop illicit finance in lots of sectors because it helps within the growth of danger indicators.
Coinbase Expresses Support for Authorities
In an X put up, Grewal restated Coinbase’s dedication to take away unhealthy actors from the crypto area, hailing the efforts of the crew. Furthermore, he added that the trade compliance crew doesn’t have interaction in lawlessness regardless of criticisms by individuals who choose scapegoating to options.
We acquired this letter from FinCEN congratulating @coinbase on our substantial contributions to one in every of seven important prison circumstances to obtain the FinCEN Director’s Law Enforcement Award. We recognize this recognition of our dedication to removing unhealthy actors in no matter… pic.twitter.com/lQFSP1gRjv
— paulgrewal.eth (@iampaulgrewal) April 11, 2024
“Our compliance and government investigations teams are the best in the business. They do not abide by any culture of lawlessness, notwithstanding the slurs and misrepresentations of those who prefer scapegoating over solutions.”
Recently, Coinbase has been in the midst of SEC’s regulatory battles with the trade criticizing the Commission’s method and pushing for clear-cut guidelines.
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