Crypto/Virtual Currency: Pros & Cons
When it comes to crypto and/or virtual currency, there are pros and cons. One pro is that users can transact business in a very quick and low-cost manner. One con is that business can be transacted relatively anonymously. As with many things, with the good, comes some bad and financial institutions need to familiarize themselves with the potential risks as well as how to mitigate those risks. Back in March 2024, FinCEN issued a Financial Trend Analysis on the Use of Convertible Virtual Currency for Suspected Online Child Sexual Exploitation and Human Trafficking. This is obviously a “con” related to the use of crypto/virtual currency but it does provide some encouraging news that the number of Suspicious Activity Reports (SARs) related to this type of activity has increased substantially.
Kevin explains more in the video.
Published
2025/01/07
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).