Manhattan DA: We’re Watching Regulated Exchanges With ‘Immense Interest’

Manhattan district attorney Cyrus R Vance Jr has issued new remarks regarding his agency's interests in the bitcoin exchange space.

AccessTimeIconJan 28, 2015 at 4:51 p.m. UTC
Updated Sep 11, 2021 at 11:28 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
Cy Vance, DA
Cy Vance, DA

Manhattan district attorney Cyrus R Vance Jr has indicated that his department intends to watch developments in the bitcoin exchange sector with “immense interest”.

The remarks came during Vance’s keynote address at the Association of Certified Anti-Money Laundering Specialists' (ACAMS) AML Risk Management Conference on Monday, and coincided with the news that the DA’s office had shut down more than 70 bitcoin scam sites originating in Southeast Asia.

A long-time advocate for more stringent regulations in the bitcoin space, Vance used his platform to decry the technology as one that makes criminal conduct “too easy and too untraceable”.

Perhaps most notably, however, his speech included veiled remarks seemingly aimed at bitcoin service provider Coinbase, which launched its exchange product on Monday.

Vance said:

“You may have seen news recently about an effort to ‘take bitcoin mainstream’ by creating the first regulated bitcoin exchange for American customers. We are watching efforts like these with intense interest.”

Boon for law enforcement

Vance went on to say that regulated exchanges would be beneficial for law enforcement, should these companies support its efforts.

“We believe a regulated exchange would provide opportunities for law enforcement and AML professionals to work together to discuss typologies, examine cash-ins and cash-outs, and keep our world safer from terror and financial crime,” he said.

Since Monday, Coinbase has clarified that it believes New York to be in a legal "gray zone" that allows it to service customers.

The high-profile launch of its latest service, widely billed in the media as the ‘first regulated bitcoin exchange’ in the US, has also attracted the attention of the California Department of Business Oversight (DBO), the state’s financial services regulator.

The DBO moved to deny perceived claims made by Coinbase that its product is regulated in its jurisdiction.

Image via The New York County District Attorney's Office

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.