US Establishes Information Sharing Program for Crypto Exchanges, According to Cryptovest

The US Treasury Department is creating a specialized information-sharing platform for cryptocurrency exchanges, aimed at simplifying the reporting of illicit activities, according to Kenneth Blanco, the Director of the US Financial Crimes Enforcement Network (FinCEN).

Blanco stated, “We are in the process of setting up a virtual currency-focused FinCEN Exchange program with the private sector and law enforcement, which will provide a platform for all of us to engage with industry developments, concerns, and share risks and threats that we are seeing.”

He emphasized the importance of the cryptocurrency sector collaborating more closely with regulatory authorities. This cooperation not only benefits investors but also helps combat the negative stigma surrounding virtual currencies, often associated with the dark web and fraudulent activities.

The upcoming platform will be modeled after the existing FinCEN Exchange program, which has successfully facilitated communication between the agency and various sectors.