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Cryptocurrency alternate Coinbase has obtained an award from the Financial Crimes Enforcement Network (FinCEN) for its contribution to felony investigations. In an April 11 publish on X (previously Twitter), Paul Grewal, Coinbase’s Chief Legal Officer disclosed the official letter from the federal government company. 

FinCEN Stresses Compliance 

Coinbase contributed to the investigations of one of many seven main felony instances spurring the FinCEN Director’s Law Enforcement Award. Firms bagged the award after reporting beneath the Bank Secrecy Act (BSA) was used to successfully prosecute instances.

“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 company urged monetary companies to not comply based mostly on necessities however to combat crime and defend the United States monetary markets. In current months, United States regulators have ramped up regulatory efforts to curb digital asset fraud in a bid to guard traders. Global authorities have joined their United  States counterparts in search of collaborative regulatory efforts.

The company underscored the significance of the BSA reporting to stop illicit finance in lots of sectors because it helps within the growth of threat indicators. 

Coinbase Expresses Support for Authorities 

In an X publish, Grewal restated Coinbase’s dedication to take away unhealthy actors from the crypto area, hailing the efforts of the group. Furthermore, he added that the alternate compliance group doesn’t have interaction in lawlessness regardless of criticisms by individuals who want scapegoating to options.

We obtained this letter from FinCEN congratulating @coinbase on our substantial contributions to one in all seven vital felony instances to obtain the FinCEN Director’s Law Enforcement Award. We respect this recognition of our dedication to removing unhealthy actors in no matter… 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 course of SEC’s regulatory battles with the alternate criticizing the Commission’s strategy and pushing for clear-cut guidelines. 

Also Read: Fidelity Launches Three New Liquid  Alts ETFs for Enhanced Equity

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