Share this article
US Treasury to Audit FinCEN's Cryptocurrency Practices
FinCEN's cryptocurrency practices are set to be reviewed by the U.S. Treasury Department's inspector general.
By Stan Higgins
Updated Sep 13, 2021, 7:07 a.m. Published Nov 6, 2017, 4:45 p.m.
The U.S. Treasury Department's inspector general is planning to review the Financial Crimes Enforcement Network (FinCEN)'s cryptocurrency practices as they relate to money laundering and terrorism financing risks, public records show.
The disclosure was included in the Office of Inspector General (OIG)'s annual plan for the 2018 fiscal year, which was published late last week. Though the details of the planned assessment weren't fleshed out in the report, it's a notable development that comes more than three years after FinCEN began publishing guidance for businesses working with cryptocurrencies like bitcoin.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
As the report stated:
"We plan to determine how FinCEN identifies, prioritizes, and addresses money laundering and terrorist financing risks associated with virtual currencies."
It's also unclear when the OIG will conduct its review. The start of the 2018 fiscal year was Oct. 1, running through Sept. 30 of next year.
Still, the office has weighed in on the subject of cryptocurrencies a number of times in the past, most recently in a note to Treasury Secretary Steven Mnuchin. Outlining challenges to the government's money-printing services, the OIG indicated that technologies like bitcoin could have a long-term impact on the business model of the U.S. Mint.
Correction: A previous version of this report inaccurately attributed a Treasury Inspector General for Tax Administration (TIGTA) publication to the OIG, a separate body.
U.S. Treasury seal image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
XRP higher after early dip as buyers step in near $1.80
Institutional interest in Ripple-linked assets remains strong, though overall market participation is limited.
What to know:
- XRP rose 4.26% to $1.85, recovering from early losses despite low trading volume.
- VivoPower's partnership to acquire Ripple Labs equity indirectly boosted sentiment toward XRP.
- Institutional interest in Ripple-linked assets remains strong, though overall market participation is limited.
Top Stories
