The US Department of Homeland Security recently unveiled its budget summary for the fiscal year 2021. In the document, the DHS talks about the establishment of a Cryptocurrency Intelligence Program. This program will track down unlicensed crypto businesses that might be enabling money laundering internationally and in the US. 

Details of the Document

According to the document, the DHS will target unlicensed businesses that operate on P2P sites and the darknet. According to the DHS, this will offer better insight into areas that pose serious challenges to law enforcement efforts.

The DHS is going to identify unlicensed money services such as independent crypto brokers that use P2P sites, online forums where they are classified as ads and the darknet. The aim is to ensure that no longer continue to offer unlicensed money services.

The Cryptocurrency Intelligence Program was created by the Bulk Cash Smuggling Center. This investigative bureau hunts down illegal funds globally. The CIP is going to track down illegal funds from the sale of narcotics, which make up a huge chunk of illegal financial activity.

ICE created the Bulk Cash Smuggling Center under the supervision of the DHS. In the past few years, the bureau has turned more of its focus to P2P sites and crypto transactions. According to a report released by ICE in 2017, cryptocurrencies were becoming the preferred payment option for the darknet. It noted that it was common for unlicensed P2P operators to obtain their crypto from the sale of illegal services and goods on the darknet. The report noted that to avoid complying with the law, the P2P operators become crypto exchangers to liquidate their crypto haul.

Part of Fight against Opioid Crisis

The section that mentions the Cryptocurrency Intelligence Program is on a section labeled as Key Issue #1. This section is labeled as “the Opioid Crisis.” It shows that the agency is serious about stopping the funding for the opioid drug smuggling network that is considered a national crisis by the Trump administration.

While some of the drugs are still sold through traditional physical exchanges, the DHS acknowledged that some of the sales take place online. These purchases are done via online marketplaces, which make it easy to obtain the drugs in just a few clicks. As part of the effort to fight the opioid crisis, the DHS will employ cyber analytics and advanced training for its investigators looking into the darknet. The DHS will look into opioid smuggling abroad and within the US.

Clamping Down Hard on Crypto

The US Federal government has been quite tough on the crypto industry. President Trump has tweeted his dissatisfaction with the sector and said he is not a fan. Besides, he said that crypto was not real money.

Recently, the president proposed to having the Secret Service return to the Treasury Department in the fiscal year 2021 budget. This is part of an effort to ensure better policing of crypto-related criminal activity.

Image Source: Shutterstock

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

GRIN Cryptocurrency – Heading For A Change In Sentiment?

Grin and MimbleWimble are two separate entities that work together in the…

Bitcoin Maven Mike Novogratz Believes $6,500 would be the next Bitcoin’s downside

Bitcoin Titan, Mike Novogratz predicted the next move of Bitcoin, the world’s…

Social Platform Accused Of Taking No Action Against Bitcoin Scam Using Images Of UK’s Youngest Millionaire

According to a recent report in the UK, Twitter has been profiting from ad…

Bitcoin Testnet Has Been Unreliable, A New Software Proposal Has Been Presented To Programmers

On Wednesday, 18th of July 2019, Signet-a new proposal- introduced a new…

Swiss Financial Regulators Change Their Stance Towards Facebook Libra Developments

According to a Bloomberg report, Swiss financial regulators are expressing doubt over Facebook…

Crypto Firms In Ireland Locked From The Banking System Due To Government Delays

Companies operating in Ireland’s crypto space have been denied access to banking…
US Department Of Justice Creates Crypto Team

US Department Of Justice Creates Crypto Team

On Wednesday, October 6, 201, the US Department of Justice announced that it…
WISeKey Secures Over 2.5M Luxury Swiss Watches With Blockchain

WISeKey Secures Over 2.5M Luxury Swiss Watches With Blockchain

WISeKey International Holding Ltd revealed that its blockchain-powered authenticity certificate was being…
Bitcoins Price Hits Yearly High, As The Dollar Remains Bearish

Bitcoins Price Hits Yearly High, As The Dollar Remains Bearish

Bitcoins price recently hit a new yearly high after surging to key…

Cryptocurrency Markets Add $32 Billion As Bitcoin Takes On The US Dollar

Crypto markets soared last week as Bitcoin rallied with other large cap…