RATE Group | Cryptocurrency Transactions are Traceable, Says DHS and ICE to US Congress
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Cryptocurrency Transactions are Traceable, Says DHS and ICE to US Congress

05 Oct Cryptocurrency Transactions are Traceable, Says DHS and ICE to US Congress

Posted at 06:49h in Cryptocurrency News by

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An official of the ICE has stated before the US Congress, that cryptocurrency transactions are traceable. According to the official, digital currency transactions make criminals vulnerable and an easy target for law enforcement.

Combating the Use of Cryptocurrency in Drug Trafficking

Assistant Director of domestic operations, a division of the ICE, Matthew Allen, said during a hearing before the United States Senate Caucus on International Narcotics Control, that transactions involving crypto to fiat or vice versa, can be traced.

According to an official pdf document, Allen stated that one of the ways drugs were trafficked into the US was through digital currency. The assistant director further listed Bitcoin and Monero, among others, used for illicit activities.

Furthermore, Allen said that unregulated cryptocurrency exchanges use Peer-to-Peer (P2P) exchange to enable drug trafficking. Users of P2P exchange advertise the amount they are willing to buy or sell cryptocurrency on…

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