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A comment on Founders and Executives of Cryptocurrency Derivatives Exchange BitMEX Charged. Parent comment

Re:Founders and Executives of Cryptocurrency Derivatives Exc... by nmlnn on Thursday October 01, 2020 @07:11PM (#24657144)
> The financial sector appears to be the one sector where US authorities actually do a good job to stamp out crime

Yeah, they're really great at that /s. It wasn't just last month that it was revealed that US banks laundered $2T. How many people got arrested for that? The Fed even said the disclosure of the banks internal reports was the crime.

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Re:Founders and Executives of Cryptocurrency Derivatives Exc... by bb88 on Thursday October 01, 2020 @07:46PM (#24657377)
FinCEN received 2 Million SARs last year. They have 333 employees.

https://www.rferl.org/a/global-banks-reported-2-trillion-in-...

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Re:Founders and Executives of Cryptocurrency Derivatives Exc... by nmlnn on Thursday October 01, 2020 @08:48PM (#24657702)
How is the number of employees relevant? The point is the massive hypocrisy and inconsistent enforcement. Personally I think the $10k SAR threshold is stupid, it hasn't been adjusted up for inflation since it was put in place in 1970 when an oz of gold was $35.
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Re:Founders and Executives of Cryptocurrency Derivatives Exc... by cyral on Thursday October 01, 2020 @09:27PM (#24657872)
Internally I am sure they are filtering them somehow, likely ignoring lower amounts, but why would the government voluntarily increase the minimum? They would then have less data. Better to just collect it all and selectively use some of it.
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Re:Founders and Executives of Cryptocurrency Derivatives Exc... by nmlnn on Thursday October 01, 2020 @10:06PM (#24658057)
Sure, it's better for them if their goal is total financial surveillance. It's not better for people who care about financial privacy, and it makes a mockery of the rule of law when laws are enforced selectively in secret like that.

Not really surprising that increasing numbers of people would just stop caring about breaking such laws.

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