Crypto crime legislator Nicholas Quaid leaves the Department of Justice

Crypto crime legislator Nicholas Quaid leaves the Department of Justice


Nicholas Quaid, who helped develop the system surrounding crypto crime legislation, is leaving the Department of Justice, Quindisk Wrote.

Quaid will be leaving his current role this weekend.

He was the second man in command to the Department of Justice and was there for about two years. He spent his time there fighting white collar crime and was focused on cryptocurrency.

Now he is likely to return to his former law firm Latham & Watkins, where he was a partner in New York.

There have been so many interactions between federal law enforcement and the cryptocurrency industry that there has been debate for months about exactly how to regulate the booming sector.

In one recent case, the Department of Justice was looking into Binance, aiming to find out if the exchange was in violation of the Bank Secrecy Act. The Bank Secrecy Act requires cryptocurrency exchanges to register with the Treasury and comply with anti-money laundering rules if they do enough business in the United States.

Read more: Report: Feds Investigate Binance’s Violations of Bank Secrecy

In 2020, the Department of Justice asked Binance to release internal records on anti-money laundering measures, along with communications involving founder and CEO Changpeng Zhao.

The Department of Justice’s Money Laundering Department has asked Binance to hand over messages from Zhao and dozens of other people on various issues, including the company’s discovery of illegal transactions. Prosecutors were asking about records containing instructions to “destroy, alter, or remove documents from Binance files” or “transfer them from the United States,” according to the report. This was all part of the investigation into the exchange’s compliance with US financial crime laws.

In response to PYMNTS, Binance said that the regulators are “communicating with every major crypto exchange to better understand our industry.”

“We work with agencies regularly to answer any outstanding questions,” the exchange wrote. Binance has a world-leading security and compliance team with more than 500 employees worldwide. Our team includes professionals with backgrounds as regulators, senior investigators from prominent blockchain analysis firms, and law enforcement agents who have led some of the largest cybercrime investigations. “

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers showed that while two-thirds of consumers have used FinTechs in some aspect of banking, only 9.3% describe them as the primary bank.

We are always looking for opportunities to partner with innovators and opponents.

learn more

https://www.pymnts.com/cryptocurrency/2022/crypto-payments-firm-rocketfuel-paymentcloud-team-on-merchant-payments-tool/partial/



Source link

Leave a Comment