US Department of Justice Reportedly Shuts National Cryptocurrency Enforcement Team 5n171c Technology News

The NCET was created in 2022 to combat illicit financial activities being facilitated using cryptocurrencies. 1n3i1w

Written by David Delima | Updated: 8 April 2025 19:29 IST

US Department of Justice Reportedly Shuts National Cryptocurrency Enforcement Team

Photo Credit: Unsplash/ Bermix Studio 2w1x4m

The NCET was established in February 2022

Highlights

The NCET has run investigations on KuCoin, Tornado Cash
The DoJ unit also probed cases of crypto frauds, hacks
The department has been ordered to stop targeting crypto firms

ment

The US Department of Justice (DoJ) has disbanded the National Cryptocurrency Enforcement Team (NCET) that was established by former US President Joe Biden, according to a report. The of the unit were informed about the development via an internal memo, which said the directive would go into effect immediately. The development comes at a time when US President Donald Trump is attempting to remove various roadblocks to the adoption of cryptocurrencies in the US via executive orders. After recently issuing an order related to strategic crypto reserves, the US President has asked lawmakers to finalise crypto rules for the US by August.

The directive, seen by Fortune, was signed by US Deputy Attorney General Todd Blanche. "The Department of Justice is not a digital assets regulator. However, the prior istration used the Justice Department to pursue a reckless strategy of regulation by prosecution," Blanche reportedly said.

The NCET, as per the DoJ, included prosecutors with backgrounds in cryptocurrency, cybercrime, money laundering, and forfeiture.

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After it was established in 2022, the NCET launched investigations into multiple crypto firms. In August 2023, the NCET's probe into Tornado Cash resulted in money laundering and sanctions violations charges against the crypto mixer. KuCoin and its founders were also charged for unlicenced money transfer offences after an NCET probe. The unit additionally dealt with several cases related to crypto scams, market manipulation, and hacking incidents.

The NCET was designed to combat illicit financial activities being facilitated using cryptocurrencies, that offer private transactions between two or more parties. According to a Reuters report, Blanche's memo said that all ongoing NCET investigations not in alignment with new policies in the US now stand closed.

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Following US President Donald Trump's return to the White House for a second term, the US Securities and Exchange Commission (SEC) has also reversed its sceptical stance towards crypto. The SEC has now formed a Crypto Task Force to expedite the formation of crypto rules, and dropped several ongoing legal cases against crypto firms.

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Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More