The Financial Crimes Enforcement Network (FinCEN) gives a thumbs up to Coinbase for its aggressive stance against illegal financial activities and for assisting law enforcement agencies. The message was delivered through a post on X by the Chief Legal Officer of Coinbase, Paul Grewal. It specifically mentioned the exchange’s role in lessening financial wrongdoings.
The exchange was selected for the FinCEN Director’s Law Enforcement Award for its exemplary work on one of the seven highlighted criminal cases.
Overall, FinCEN was highly appreciative of the way Coinbase was tackling the issues related to financial misdoings and their enormous support in lessening the financial crime rate. This was, in a way, a massive blessing for all the concerned and involved law enforcement agencies who also lauded their actions.
It is the unparalleled contribution from the big-time players within the crypto arena, including Coinbase, who are connected with the banking and the financial sector, to accelerate the charges.
The financial institutions were not left out of the picture. They, too, received several accolades from FinCEN for their contribution to adhering to the established regulations. FinCEN highlighted the factor of the financial institutions’ timely passing on the relevant information to the concerned law enforcement authorities, helping them block financial-oriented threats and apprehend criminals.
Grewal pointed out Coinbase’s pledge to a regulatory infrastructure and the exchange’s help in putting behind bars the culprits associated with financial wrongdoings.
Despite the ongoing legal issues with the Securities and Exchange Commission, Coinbase continues to propagate transparent methods and connect with concerned officials to develop more appropriate regulatory features for the financial space.
Source: https://www.cryptonewsz.com/fincen-appreciates-coinbases-stance-against-financial-crimes/