The Justice Department is strengthening its National Cryptocurrency Enforcement Team (NCET), launched two years ago, to address the rising number of cryptocurrency-related crimes.
Furthermore, the senior official Nicole Argentieri announced that the NCET will become a permanent fixture within the criminal division, with Claudia Quiroz as the new acting director, succeeding Eun Young Choi. The move comes as the department aims to double its prosecutors’ strength to tackle the growing caseload, including cases involving criminals, terrorists, and bad actors exploiting cryptocurrencies for illicit activities.
Since its inception, the NCET’s work and profile have expanded due to industry downturns and incidents like the collapse of FTX crypto exchange, where founder Sam Bankman-Fried was charged with misappropriating billions of dollars from customers. The team has been instrumental in various crypto-related cases, such as assisting in investigations against Hong Kong-based exchange Bitzlato and Binance, the world’s largest crypto exchange.
At the same time, with a surge in crypto’s involvement in criminal activities, the Justice Department acknowledges the critical role of expertise in cryptocurrency and emerging technologies to combat threats effectively.
After the reorganization, the NCET will operate within the Computer Crime and Intellectual Property Section (CCIPS), ensuring better resources and equal footing for prosecutors handling cryptocurrency, computer, and intellectual property-related cases. The DOJ’s focus on digital threats is evident with the creation of the National Security Cyber Section, targeting cyberattacks by nation-state actors and other threats to U.S. national security.
Recognizing the significance of cryptocurrency in today’s digital battlefield, the department’s leadership aims to equip its personnel with the knowledge needed to understand and combat such cases effectively.
