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Highlights
- Coinbase received an award from FinCEN.
- The agency underscored the need for more firms to comply with BSA reporting.
- Coinbase CLO lauds team’s commitment taking swipe at opponents.
Cryptocurrency exchange Coinbase has received an award from the Financial Crimes Enforcement Network (FinCEN) for its contribution to criminal investigations. In an April 11 post on X (formerly Twitter), Paul Grewal, Coinbase’s Chief Legal Officer disclosed the official letter from the government agency.
FinCEN Stresses Compliance
Coinbase contributed to the investigations of one of the seven major criminal cases spurring the FinCEN Director’s Law Enforcement Award. Firms bagged the award after reporting under the Bank Secrecy Act (BSA) was used to effectively prosecute cases.
“The investigations nominated for consideration in this year’s award program may not have been pursued without the BSA reports that financial institutions like yours make, pursuant to FinCEN’s regulatory requirements…. We want to provide this letter and a summary of related cases about your institution’s invaluable contribution.”
The agency urged financial firms not to comply based on requirements but to fight crime and protect the United States financial markets. In recent months, United States regulators have ramped up regulatory efforts to curb digital asset fraud in a bid to protect investors. Global authorities have joined their United States counterparts seeking collaborative regulatory efforts.
The agency underscored the importance of the BSA reporting to prevent illicit finance in many sectors as it helps in the development of risk indicators.
Coinbase Expresses Support for Authorities
In an X post, Grewal restated Coinbase’s commitment to remove bad actors from the crypto space, hailing the efforts of the team. Furthermore, he added that the exchange compliance team does not engage in lawlessness despite criticisms by people who prefer scapegoating to solutions.
We received this letter from FinCEN congratulating @coinbase on our substantial contributions to one of seven significant criminal cases to receive the FinCEN Director's Law Enforcement Award. We appreciate this recognition of our commitment to weeding out bad actors in whatever… pic.twitter.com/lQFSP1gRjv
— paulgrewal.eth (@iampaulgrewal) April 11, 2024
“Our compliance and government investigations teams are the best in the business. They do not abide by any culture of lawlessness, notwithstanding the slurs and misrepresentations of those who prefer scapegoating over solutions.”
Recently, Coinbase has been in the middle of SEC’s regulatory battles with the exchange criticizing the Commission’s approach and pushing for clear-cut rules.
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