RATE Group | US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Mar…
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US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Mar…

24 Feb US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Mar…

Posted at 17:50h in Cryptocurrency News by

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US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

The U.S. Department of Homeland Security has revealed a cryptocurrency intelligence program aimed at identifying unlicensed crypto businesses using P2P sites, online forums, and darknet markets. These areas have consistently presented “a significant challenge to law enforcement” and the Financial Crimes Enforcement Network (FinCEN).

Also read: Regulatory Roundup — Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

Cryptocurrency Intelligence Program

The Department of Homeland Security (DHS) released its budget overview for the fiscal year 2021 last week. The department has several programs that monitor crypto activities, including the Bulk Cash Smuggling Center (BCSC), which provides operational support in the enforcement and prohibition of bulk cash smuggling or transfer of illicit proceeds.

In the budget document, the DHS revealed that the BCSC has developed Cryptocurrency Intelligence Program (CIP), elaborating:

[CIP]…

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