The DOJ’s National Cryptocurrency Enforcement Team led major investigations, including its probe into Binance’s money laundering charges that led to a $4.3 billion settlement|Scott|CC BY-SA 2.0
The Department of Justice (DOJ) has officially shut down its National Cryptocurrency Enforcement Team (NCET), the unit formed during the Biden administration to crack down on crypto fraud.
The NCET led major investigations, including its probe into Binance and its founder, Changpeng Zhao, who pleaded guilty to money laundering in the US. The case led to a $4.3 billion settlement.
Now, US attorney’s offices will handle crypto cases and focus on crimes involving the use of digital currency in terrorism and human trafficking.
While some applaud the narrowed focus, critics warn that fewer safeguards on crypto exchanges and wallets could expose everyday investors to more risk. An FBI report states that crypto scams cost victims over $5.6 billion in 2023.
The move aligns with the Trump administration’s crypto-friendly policies.