White House issues advisories regarding cryptocurrencies being using to purchase illicit drugs
- The U.S. White House has sent out two advisories to financial institutions, about the drugs being bought with cryptocurrencies.
- The documents addressed are designed to assist them in detecting suspicious transactions.
The White House has issued two advisories warning that fentanyl and other synthetic opioids are being purchased using major cryptocurrencies.
In terms of the documents, they are addressed to financial institutions in addition to digital payments platforms, which are designed to assist them in detecting suspicious transactions.
The documents detailed:
The United States “is in the midst of an unparalleled epidemic of addiction and death. An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or CVC to purchase precursor chemicals or completely synthesized narcotics primarily sourced from China.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
