U.S. Deputy Treasury Secretary: Some cryptocurrency companies are not doing enough to prevent the flow of illegal funds

ChainCatcher news, according to The Block, U.S. Deputy Treasury Secretary Wally Adeyemo stated in a speech that some companies in the digital asset space are not doing enough to prevent illegal funds from flowing to terrorist organizations. The U.S. Treasury is engaging with financial institutions and digital asset companies to "explore what measures they can take to prevent terrorists from transferring funds."

Adeyemo stated, "Our expectation is that financial institutions, digital asset companies, and other firms in the virtual currency ecosystem will take measures to prevent terrorists from being able to access resources. If they do not take action to prevent illegal fund flows, the U.S. and our partners will take action."