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As crypto industry expands, U.S. slashes office examining dirty money safeguards of cryptocurrency exchanges

As crypto industry expands, U.S. slashes office examining dirty money safeguards of cryptocurrency exchanges

As cryptocurrency use in the United States surges, the number of federal investigators assigned to review safeguards against dirty money in the industry plummeted last year to the lowest level since at least 2017, according to federal data obtained by the International Consortium of Investigative Journalists. 

The cuts weaken the anti-money laundering watchdog’s office within the U.S. Internal Revenue Service, which is tasked with overseeing protections against dirty money in crypto exchanges and other firms registered as so-called money service businesses. Even before the recent reductions, the IRS struggled to oversee dirty money in the fast-growing crypto sector, according to experts. The cuts come amid the Trump…

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