US FinCEN recruits crypto advisors to crack down on illicit activities in crypto finance

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury has appointed its first-ever Chief Digital Currency Advisor, Michele Korver, signaling increased focus on cryptocurrencies by FinCEN.

FinCEN announced that Michele Korver will focus on preventing illicit activities and exploitation in the cryptocurrency space, with a goal of effectively and closely monitoring cryptocurrency transfers.

Michele Korver began her career as a special agent with the U.S. Secret Service and later transitioned to the Department of Justice as a digital currency legal advisor, specializing in anti-money laundering and asset recovery, prosecution, and forfeiture in the realm of cryptocurrencies. FinCEN values her expertise in cryptocurrencies and aims to enhance FinCEN's regulatory efforts, integrate cooperation with internal and external partners, elevate FinCEN's leadership role in the digital currency space, and effectively reduce illicit financial risks.

She also served as an Assistant U.S. Attorney for over a decade in the U.S. Attorney's Office in Denver, Colorado, where she investigated and prosecuted money laundering and dark web drug cases.

Since 2009, FinCEN has imposed fines totaling $183 million in cryptocurrency enforcement actions. FinCEN recently proposed a new rule requiring cryptocurrency exchanges to conduct Know Your Customer (KYC) checks on user wallets, a requirement that could potentially expose entire user transaction histories.

This article is authorized to be reprinted from Horizon News Network