FinCEN Director: Cryptocurrency Complaints Exceed 1500 Per Month

Cryptocurrency–Despite the call for Exchange Traded-Funds and other SEC regulated options for investors, cryptocurrency continues to remain a largely lawless place. A new report from the U.S. Financial Crimes Enforcement Network has shed a damning light on the industry in terms of suspicious activity and other forms of foul play.

In a speech delivered to the 2018 Chicago-Kent Block Legal Tech Conference last Thursday, Director of the FinCEN Kenneth A. Blanco dropped a relative bombshell when he told the public his investigative arm receives over 1500 cryptocurrency related complaints each month. Classified as Suspicious Activity Reports (SARs), complaints have continued to grow throughout the year, indicating a need for greater oversight. While members of the cryptocurrency industry rightly shun the centralized presence of further government regulation, the sheer volume of reported cryptocurrency scams and the growing number of complaints being levied at FinCEN and the SEC has…