In the latest episode of The Crypto Exchange, host Ethan Ostroff is joined by colleagues Brett Broczkowski and Mike Lowe to discuss the intersection of crime and cryptocurrency, with a focus on the challenges financial institutions face in this space. The conversation highlights the significant rise in crypto-related crimes, with reported losses exceeding $5.6 billion in 2023. The group discusses the vulnerability of older adults to these crimes and the increasing enforcement efforts by federal agencies, including the Securities and Exchange Commission and the U.S. Department of Justice, following President Biden’s executive order in 2022. The podcast delves into various types of crypto crimes, such as scams, fraudulent investment websites, and money laundering through crypto mixers.
Brett and Mike emphasize the importance of consumer awareness and institutional diligence in combating these issues. They also explore the complexities of tracing crypto transactions and the evolving regulatory landscape, including FinCEN’s guidance on reporting suspicious activities. The group concludes the conversation with practical tips for both consumers and financial institutions to protect themselves against crypto-related crimes.
Transcript: Navigating the Dark Side of Crypto: Crime, Compliance, and Consumer Protection (PDF)