RATE Group | Social media, messenger companies building cryptocurrencies ‘cannot turn a blind eye to …
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Social media, messenger companies building cryptocurrencies ‘cannot turn a blind eye to …

09 Feb Social media, messenger companies building cryptocurrencies ‘cannot turn a blind eye to …

Posted at 16:33h in Cryptocurrency News by

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Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), has called on companies looking to bridge the worlds of cryptocurrency, social media and user messaging to be vigilant about illegal transactions.

El-Hindi spoke during the SIFMA 20th Anti-Money Laundering (AML) and Financial Crimes Conference in New York on Thursday. According to prepared remarks published by the agency,  such companies “cannot turn a blind eye to illicit transactions that they might be fostering.”

“Social media and messaging platforms and others now focusing on the establishment of cryptocurrencies cannot turn a blind eye to illicit transactions that they may be fostering,” El-Hindi said, adding:

“As we’ve said on other occasions, to the extent that the financial sector chooses to move forward with the opportunities that some of these emerging systems present, we are not going to allow it to slide backward on the protections and appropriate transparency that we have…

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