Executives from Coinbase and Circle have urged U.S. regulators to take more decisive action against Tether and other offshore cryptocurrency companies that do not adhere to regulatory standards.
In a meeting with the House Financial Services Committee, Coinbase's lead for Financial Crimes Legal, Grant Rabenn, highlighted the exploitation of foreign crypto platforms by criminals to circumvent the stringent anti-money laundering (AML) regulations enforced on U.S.-based exchanges.
Rabenn pointed out that while the Office of Foreign Assets Control (OFAC) has sanctioned a mere 560 cryptocurrency addresses, Coinbase's investigations have identified over eight million addresses associated with nefarious activities. He attributed the facilitation of crypto-related crimes and money laundering in the U.S. to offshore exchanges and called
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First found on: Coinbase and Circle Leaders Demand Stronger U.S. Action Against Tether
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