News

U.S. plans to no longer prosecute cryptocurrency exchanges for breaching the Bank Secrecy Act plainly signal an intent to focus less on their regulatory shortcomings and more on the criminals who exploit them, attorneys and other sources told ACAMS moneylaundering.com. In a four-page memorandum Monday, Deputy Attorney General Todd Blanche directed federal prosecutors to no longer hold exchanges and other virtual asset service platforms, or VASPs, responsible "for the acts of their end users" unless those companies engage in actions "consistent with" embezzlement, misappropriation of funds, investment fraud and similar crimes. The memo signals a shift in federal "prosecutorial discretion"...