BitPay is accused of allowing users in North Korea, Sudan, Syria, Ukraine, Cuba and Iran to transact on its platform despite having IP addresses and other location data about these users.
Suggesting the government needs new tools to prevent money laundering through exchanges, Janet Yellen said many digital currencies “are used at least in a transactions sense mainly for illicit finance.”
Finance ministers and central bank governors from across the Group of 7 countries discussed crypto assets and their increasing role in the global financial system.
The U.K. Treasury said it was working on proposals for a new regulatory structure for stablecoins and other digital currencies.
U.S. Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker believes that crypto companies do not pay enough attention to implementing procedures that can deter criminal activities.
The U.S. Department of the Treasury continues to go after cryptocurrency holders it feels are not playing by the rules.