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United States Regulators Begin Crack Down on Crypto and Bitcoin Crime

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Following the announcement of Facebook Libra – a crypto project aimed to replace the US dollar and other fiat currencies, the United States has been up in arms regarding Libra, Bitcoin, and the rest of the cryptocurrency landscape.

The US is finally ready to begin regulating this portion of the financial sector and has begun a widespread crypto crackdown that’s only increased in recent weeks.

Crypto Criminals Fall Like Dominoes Following US Regulatory Push

Suspicions began to arise that heavy-handed regulation from the United States might be on the way the moment crypto exchange Binance announced it would be barring US-based crypto investors from using its flagship website in favor of ushering them to a US-based platform sans many of the altcoins that makes Binance attractive, in partnership with a yet-t0-be-named partner.

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US investors make up the largest chunk of crypto investors, and fears that the asset they could be holding may soon be outlawed has caused bearish sell pressure across the space.

And while Bitcoin price is falling, so too are criminals who use Bitcoin and crypto assets in their illicit transactions, one-by-one like dominoes, now that the United States has begun what appears to be a major crackdown on the asset class.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

— Donald J. Trump (@realDonaldTrump) July 12, 2019

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Following some scathing tweets by United States President Donald Trump about crypto and Bitcoin being used for criminal activities like cybercrime, drug dealing, human trafficking, and money laundering, and negative comments by Trump-appointed Secretary of Treasury Steven Mnuchin, a number of Bitcoin-using criminals have become targets.

Related Reading | Alleged Silk Road Drug Dealer Arrested For Using Bitcoin For Money Laundering 

It started last week when a Silk Road drug dealer was arrested for allegedly using Bitcoin to launder the money he earned from drug deals over the dark web marketplace. After that, another drug dealer has been arrested for his connection to a crime related to Bitcoin, opiates, and unexplainable Zimbabwean currency stockpiles.

Next, the United States Department of Justice filed a civil lawsuit against “Mr. Bitcoin” Alexander Vinnick, founder and CEO of Russian crypto exchange BTC-e, which has been called a “hotbed” for money laundering and other crime. Even BitMEX, a leader in the space, is being investigated by the CFTC for unlawfully serving US citizens knowingly.

But Bitcoin Holders Fear Being Treated Like Criminals

While these instances are criminals having their crimes catch up with them now that government agencies have caught up with the times and technology associated with crypto. However, the real fear is that the US government begins to start turning their crypto crackdown towards regular US citizens just for holding Bitcoin and altcoins.

Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto

An outright ban is possible but unlikely, but at the very least the Internal Revenue Service aims to make crypto investors life that much more difficult, and have issued a threatening letter to 10,000 holders of cryptocurrencies. The letter reminds taxpayers to report crypto-related taxes which in the past the agency has admitted to lacking clarity.

It’s the lack of clarity around both taxes, and the upcoming regulation in the United States that is causing fear, uncertainty, and doubt across the market and has turned the bullish sentiment bearish in a matter of weeks. The days ahead are important for Bitcoin and the rest of the market, especially for US investors and traders.

Tags: Binancebitcoincrimecryptoregulationunited states
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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