Crypto Crime Lawmaker Nicholas Quaid Leaves DOJ

Nicholas Quaid, who helped develop the regime surrounding crypto crime legislation, leaves the Ministry of Justice, Coindesk wrote.

Quaid will leave his current role at the end of this week.

He was second in command of the DOJ and served there for about two years. His time there was spent fighting white collar crime and he focused on cryptocurrency.

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

There have been numerous interactions between federal law enforcement and the crypto industry, and there has been controversy for months over exactly how to regulate the burgeoning sector.

In a recent case, the Department of Justice investigated Binance, wanting to see if the exchange violated bank secrecy law. The Bank Secrecy Act requires crypto exchanges to register with the Treasury Department and adhere to anti-money laundering rules if they do enough business in the United States.

Read more: Report: Federal Government Investigating Binance for Violation of Bank Secrecy

In 2020, the DOJ asked Binance to release internal documents about its anti-money laundering measures, as well as communications involving founder and CEO Changpeng Zhao.

The DOJ’s Money Laundering Section asked Binance to forward messages from Zhao and a dozen others on various issues, including the firm’s detection of illegal transactions. And prosecutors were asking about the records with instructions that “the documents should be destroyed, altered, or deleted from Binance’s files” or “transferred 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 regulators are “reaching out to all major crypto exchanges to better understand our industry.”

“We are working regularly with agencies to address any outstanding issues,” the exchange wrote. “Binance has an industry-leading global security and compliance team of over 500 employees across the globe. Our team includes professionals with experience as regulators, lead investigators from renowned blockchain analytics firms, and law enforcement officers who have conducted some of the largest cybercrime investigations.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

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Crypto Crime Lawmaker Nicholas Quaid Leaves DOJ


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