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FinCEN Cracks Down On DeFi

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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The US Financial Crimes Enforcement Network (FinCEN) is considering adopting stricter measures for decentralized finance (DeFi) to combat financial crimes.

As noted by the agency’s director, Himamauli Das, the agency is taking a closer look at its anti-money laundering and counter-terrorism financing framework for cryptocurrencies and digital assets to determine if additional regulations or guidance are necessary. The regulator is particularly concerned with the potential for DeFi to reduce or eliminate the role of financial intermediaries in areas of anti-money laundering.

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