DOJ Plans to Double Crypto Team, Target Ransomware Crimes
• The U.S. Department of Justice (DOJ) is increasing the pool of available prosecutors to investigate illicit cryptocurrency activities.
• Claudia Quiroz is the new interim director of the National Cryptocurrency Enforcement Team (NCET).
• NCET has been active in prosecuting crypto criminals, such as Sam Bankman-Fried and Bitzlato’s creator.
U.S DOJ Expands Crypto Team
The U.S Department of Justice (DOJ) has announced plans to expand its team for tackling crimes related to cryptocurrencies. DOJ representative Nicole Argentieri mentioned that the National Cryptocurrency Enforcement Team (NCET) will be integrated into a division within the department that deals with digital inquiries.
New Interim Director
Claudia Quiroz is set to take on the role of interim director following the exit of current head Eun Young Choi, who will transition into a different role within DOJ. According to Argentieri, this move would provide NCET with more resources and direction in order to better achieve their objectives.
Prosecutions Supported by NCET
NCET was created by the DOJ two years ago due to rising worries about potential malicious use of cryptocurrencies and money laundering operations. Since then, it has been actively involved in prosecuting crypto criminals such as Sam Bankman-Fried and Bitzlato’s creator, both charged by legal authorities earlier this year. Additionally, it has supported investigations into leading crypto exchange Binance by Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC).
Significance of Expansion
Increasing NCET’s capabilities will help prevent further criminal exploitation of digital assets while providing more clarity on matters surrounding cryptocurrency regulations for legitimate users in the market space.
Conclusion
By expanding its team dedicated to fighting cryptocurrency crimes, the U.S Department of Justice aims to increase operational efficiency and ensure greater protection from illicit activities for legitimate actors in the industry
