US government unveils ‘Crypto Intelligence Program’ for tracking unlicensed Bitcoin businesses

posted about 1 month ago
The US department of Homeland Security is focusing on illicit crypto transactions, unveiling its CIP (Cryptocurrency Intelligence Program) which looks at illegal movements of money. Other US departments are also looking into crypto payments. The CIP seeks out unlicensed crypto businesses operating on the darknet and P2P sites, the CIP will scrutinize areas that pose “a significant challenge to law enforcement.”

Within its budget summary for the fiscal year 2021, released last week, the US government detailed its Cryptocurrency Intelligence Program (CIP)—a cryptocurrency-centric initiative to trail unlicensed crypto companies partaking in money laundering activities. Developed by the Bulk Cash Smuggling Center (BCSC)—an investigative bureau tasked with hunting illegal funds—the CIP will hone in on funds originating from narcotics proceeds, which allegedly make up a "large portion” unlicensed activity.
Tags: bitcoin, blockchain, news