ICE Launches Cryptocurrency Intelligence Program for Identifying Illegal Transactions

The US Immigration and Customs Enforcement’s (ICE) has disclosed a cryptocurrency intelligence program aimed at identifying illegal crypto transactions.

The ICE cryptocurrency intelligence program will target unlicensed crypto businesses using P2P sites, online forums, and darknet markets.

Notably, these areas have repeatedly been an area of challenge to law enforcement. ICE, and the Financial Crimes Enforcement Network (FinCEN).

ICE explained that a large portion of these unlicensed business services engages in laundering, trafficking, narcotics, amongst other illegal activities.

According to the report, the cryptocurrency intelligence program was developed by ICE’s Bulk Cash Smuggling Center (BCSC) and would also be deployed in every crypto-facing Homeland Security Investigations (HSI).

Crypto transactions aiding illegal transactions

ICE has raised concerns over P2P platforms several times over the years. It noted that unlicensed P2P activities have continually presented “a…