Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Understanding the U.S. Treasury Probe on DeFi's Money Laundering Risks

Published 04/07/2023, 12:00 PM
Understanding the U.S. Treasury Probe on DeFi's Money Laundering Risks

  • The US Treasury cites centralization, money laundering, drug trafficking, and terrorism as risks in DeFi.
  • The report comes after the regulatory climate in the US turned against crypto.
  • It is unclear whether authorities can effectively ban decentralized protocols.
Decentralized Finance (DeFi) has been touted as a game-changer for the financial industry. Supporters call it an accessible, transparent, and decentralized alternative to traditional finance. However, a recent report by the US Treasury sheds a different light on the industry.

In a first-of-its-kind move, the US Department of the Treasury published the 2023 DeFi Illicit Finance Risk Assessment on Friday. The report highlighted the risks associated with DeFi services and urged the industry to take steps to mitigate them.

The report highlighted the potential for DeFi to serve individuals engaging in illicit...

Continue Reading on DailyCoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.