Homeland Security in U.S. Launches Investigation on Cryptocurrency Bank Anchorage Digital According to News Report
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Today, we're covering a hot topic: The U.S. Department of Homeland Security is investigating the cryptocurrency company, Anchorage Digital Bank.
According to recent reports, the federal agency's El Dorado Task Force, which battles against money laundering and financial crimes, has been in contact with Anchorage Digital Bank employees to investigate the company's practices and policies. The specific reason for the probe remains a mystery, with both Anchorage and the Department of Homeland Security declining to comment.
You may remember that back in 2022, Anchorage was ordered by the Office of the Comptroller of the Currency (OCC) to improve its controls around client due diligence, monitoring suspicious customer activity, and other anti-money-laundering measures. In the OCC's consent order, they stated that Anchorage was in violation of the Bank Secrecy Act[1] . Anchorage announced that they had already been working to strengthen the identified weaknesses and would continue to develop a new, digital asset standard to combat money laundering. They remain under the consent order.
Earlier this year, Anchorage Digital CEO Nathan McCauley complained about a U.S. bank cutting off their bank account without explanation after two years of working together[2]. McCauley didn't mention the bank's name, but it happened around the same time that numerous reports of "Choke Point 2.0" - an alleged government push to shut down the cryptocurrency industry - were circulating.
Stay tuned for more updates on this developing story. Don't forget to follow us on Twitter, Facebook, and Telegram to get the latest crypto news straight to your inbox. Let's dive into the world of blockchain together!
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- TheU.S. Department of Homeland Security's El Dorado Task Force is investigating the practices and policies of the cryptocurrency company, Anchorage Digital Bank, which could potentially be tied to the rampant issue of money laundering in the cryptocurrency industry.
- Despite the ongoing investigation, Anchorage Digital, the leading cryptocurrency company, has already been working to strengthen its controls around client due diligence, monitoring suspicious customer activity, and other anti-money-laundering measures as per the OCC's consent order in 2022.
- Aside from the unfolding investigation, Anchorage Digital faces challenges in the cryptocurrency finance sector as reported by the company's CEO, Nathan McCauley, who cited a U.S. bank cutting off their bank account without explanation after two years of working together.
- Diving into the world of blockchain and altcoins, we also have industry news featuring Whale.io, GSR, BYDFi, WhiteBIT, SimpleFX, Solinabot, and FFGI, each making strides in their respective areas like on-chain trading tools, institutional services, and film finance backed by blockchain technology.
- Before engaging in high-risk investing in cryptocurrency or digital assets, it's crucial to conduct thorough research and due diligence as expressed in our disclaimer at Crypto Insider, a one-stop-shop for Bitcoin, Ethereum, trading, altcoins, and more, providing the latest news and updates in the industry.
