Kenneth A. Blanco, director of the American Network for the Enforcement of Financial Crimes (FinCEN), revealed that the agency has seen a sharp increase in reports on suspicious activities related to cryptography (SAR). According to him, the number of complaints currently exceeds 1500 per month.
The director presented the current role of FinCEN in the field of regulation and law enforcement for emerging cryptography, which he coordinates together with the Securities and Exchange Commission (SEC) and the American Commerce Futures Commission (CFTC). He noted that: "Although innovation in financial services can be a great thing, we must also be aware that financial crimes are evolving along with it, and sometimes because of it, creating opportunities for criminals, including terrorists and rogue states".
According to the FinCEN guidelines of March 2013, any acceptance or transfer of value that replaces a fiat currency - including cryptographic - is considered a money transmission and entails specific regulatory obligations under the Banking Secrets Act (BSA).
As money transfer companies (MSB), cryptographic exchanges are therefore required to report both SAR and currency transaction reports (CTRs), as well as to abide by the AML rules and counteracting the terrorist financing framework (CFT).
Blanco explained that the same obligations apply to companies that provide anonymization services - often referred to as "mixers" - that try to hide the source of cryptocurrency. Stock exchanges are also monitored by an agency outside of the United States, but nevertheless, they do business with the inhabitants of the country. The director gave an example of FinCEN action from 2017 against the Russian BTC-e cryptographic exchange, which broke the law of AML. This is the case in which SAR played a key role. Banks and other information exchanges are a key role as they are key tips for law enforcement.
According to Blanco, FinCEN, BSA, and Internal Revenue Service (IRS) examiners have already examined over 30 percent of all registered cryptocurrencies and administrators since 2014.
Blanco has devoted even more attention to the coin initial offer (ICO), stressing that although they may be subject to the overlapping jurisdictions of various US regulatory agencies, their AML / CFT obligations remain absolute.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken below the technical support at the level of $5,959 and made a new local low at $5,837. This might be the end of the wave (v) of the whole downward sequence as the price is in divergence against the momentum. The next technical support at the level of $5,728 is the key level. The nearest important technical resistance is seen at the level of $6,597.
