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US Treasury On The Hunt For Self-Custody Crypto Wallets

The United States seems to be concerned that there are high risks posed by self-custody or unhosted crypto wallets, according to the latest reports. Check out the complete details about all this below.

Preventing the use of self-custody crypto wallets

Accoridng to the latest data, the U.S. Treasury’s Deputy Secretary, Wally Adeyemo said that the U.S. Treasury is taking action to prevent the use of self-custody crypto wallets in facilitating illicit payments across the globe.

“We are working to address the unique risks associated with unhosted wallets. Because unhosted wallets are effectively just addresses on a blockchain, it can be difficult to determine who really owns and controls them – creating opportunities to abuse this heightened anonymity.”

Accoridng to new reports, the financial institutions need to know who they are transacting and doing business with in order to make sure they are not making payments to criminals, sanctioned entities or others.

Adeyemo also made sure to explained the fact that the U.S. Treasury plans to offer unhosted crypto wallets the information necessary to help them block blacklisted or sanctioned individuals and entities from transacting.

“When it comes to unhosted wallets, we are working to provide them the information they need to avoid facilitating these kinds of illicit payments.”

Check out more details in the original article posted by the online publication the Daily Hodl.

The crypto market suffered massive losses lately following the Celsius platform disaster that we mentioned a day ago.

Celsius, a controversial crypto lending platform, said Monday it was pausing all withdrawals, causing more pain in the fragile crypto market, according to the latest reports coming from CNBC.

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the company said in a memo to clients on Monday. Stay tuned for more news.

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