US Audit Office intends to tighten control over cryptomats

Get real time updates directly on you device, subscribe now.

The US Audit Office, the congressional evaluating and analytical body, said cryptomats are fueling the rise of criminal activities such as drug trafficking and human trafficking.

According to the published report, more and more illegal transactions in the United States are carried out using cryptocurrencies. And cryptomats, according to the American government, only exacerbate the situation, as they provide criminals with a convenient platform for transactions.

“The FBI representatives said that with the growing popularity of the cryptocurrency market, the demand for crypto ATMs will also grow. Accordingly, more and more transactions for the purchase and sale of drugs or people will go through these devices, ”the report says.

The federal agency has proposed that the IRS and the Financial Crimes Enforcement Network (FinCEN) unite and take tight control of the ATMs. Note that the report deals specifically with international illegal transactions. Another important problem in the fight against crime, the agency considers the lack of information about cryptomats and the algorithm of their work.

Recently, the analytical company Chainalysis presented a report according to which transactions using illegal addresses reached a record low in 2021 – 0.15% of the total cryptocurrency trading volume of $ 15.8 trillion.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.