US Treasury On The Hunt For Self-Custody Crypto Wallets
The United States seems to be concerned that there are high risks posed by self-custody or unhosted crypto wallets, according to the latest reports. Check out the complete details about all this below. Preventing the use...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The United States seems to be concerned that there are high risks posed by self-custody or unhosted crypto wallets, according to the latest reports. Check out the complete details about all this below.
Preventing the use of self-custody crypto walletsAccoridng to the latest data, the U.S. Treasury’s Deputy Secretary, Wally Adeyemo said that the U.S. Treasury is taking action to prevent the use of self-custody crypto wallets in facilitating illicit payments across the globe.
“We are working to address the unique risks associated with unhosted wallets. Because unhosted wallets are effectively just addresses on a blockchain, it can be difficult to determine who really owns and controls them – creating opportunities to abuse this heightened anonymity.”
Accoridng to new reports, the financial institutions need to know who they are transacting and doing business with in order to make sure they are not making payments to criminals, sanctioned entities or others.
Adeyemo also made sure to explained the fact that the U.S. Treasury plans to offer unhosted crypto wallets the information necessary to help them block blacklisted or sanctioned individuals and entities from transacting.
“When it comes to unhosted wallets, we are working to provide them the information they need to avoid facilitating these kinds of illicit payments.”
Check out more details in the original article posted by the online publication the Daily Hodl.
The crypto market suffered massive losses lately following the Celsius platform disaster that we mentioned a day ago.
Celsius, a controversial crypto lending platform, said Monday it was pausing all withdrawals, causing more pain in the fragile crypto market, according to the latest reports coming from CNBC.
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the company said in a memo to clients on Monday. Stay tuned for more news.
The post US Treasury On The Hunt For Self-Custody Crypto Wallets first appeared on CryptoGazette - Cryptocurrency News.Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Bitcoin Holiday? Thailand Opens the Door to Nationwide Crypto Payments for Tourists
Thailand is giving crypto holders another reason to book a holiday. Foreign tourists can now convert their digital assets into Tha...
Griffin Raises $20M to Bring Stablecoin Payments and Card Issuing to Its Banking Platform
Key Takeaways: Griffin raised $20 million in a Series B round at a valuation exceeding $100 million. The UK’s bank is set to intro...
Ethereum Dancing on Two Fronts as Quantum Upgrade Advances and Treasury Leverage Bites
Ethereum developers want to upgrade the network to be quantum-ready by 2027, potentially accelerating one of its biggest security...
MSCI Cuts Strategy From Global Indexes, Putting Bitcoin Treasury Model Under Pressure
Key Takeaways: Under new classification rules instituted by MSCI, Strategy will be phased out of the global equity index. The chan...
Kraken Parent Payward Swaps Its Headline Metric, Reports $487 Million in Q3 Platform Margin
Payward, the privately held parent of Kraken, publishes selected quarterly figures rather than SEC filings, and until now led them...
AI Tops Fed Survey of Financial Risks—Why Crypto Investors Should Pay Attention
AI has become the most frequently cited financial-stability risk in a survey published with the Federal Reserve’s latest report, b...