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ARTICLE · 29 MAY 2020

FinCEN Director Addresses COVID-19 Related Virtual Currency Issues At Consensus Blockchain Conference

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On May 13, 2020, Financial Crimes Enforcement Network ("FinCEN") Director Kenneth Blanco delivered remarks to the Consensus Blockchain Conference regarding the agency's recent observations...

United StatesTechnology
Sarah Aberg
Sarah Aberg
Shane J Killeen
Shane J Killeen
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On May 13, 2020, Financial Crimes Enforcement Network ("FinCEN") Director Kenneth Blanco delivered remarks to the Consensus Blockchain Conference regarding the agency's recent observations in connection with virtual currencies, including the current risks of criminal exploitation of virtual currency, significant issues FinCEN anticipates for virtual currencies in the future, and the industry's compliance with the Travel Rule.

Blanco began with a discussion of FinCEN's efforts to identify and prevent illegal use of virtual currency. FinCEN previously issued notices on March 16, 2020 and April 3, 2020 that provided indicators of potential malicious or fraudulent transactions and guidance regarding anti-money laundering operations during the pandemic. The indicators, which include imposter scams where bad actors impersonate government agencies (e.g., Centers for Disease Control and Prevention) or international organizations (e.g., World Health Organization), investme

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