![]() ![]() More recent numbers would be helpful to make better comparisons. The dollar value of crypto-related SARs filed in 2019 was 100 times the dollar value of all SARs filed by casinos over eight years. The total SAR transaction dollar amount reported by Casinos from 2004 through 2011 was $1.17 billion. Similarly, the average dollar amount per Casino SAR filed in 2011 was $27,600.73. In 2010, FinCEN reported that the average dollar value for a MSB SAR was $19,3000. Unfortunately, the average SAR dollar value for products and industries is rarely disclosed by FinCEN. If we instead use the 2020 SAR count, the average transaction value for the 2019 cryptocurrency SARs was $2,781,543.64. 247/ December 23, 2020įinCEN has not disclosed the number of crypto-related SARs filed in 2019. By industry measures, this would equate to approximately 11.9% of total CVC market activity being relevant to a possible violation of law or regulation. Therefore, the average 2021 cryptocurrency SAR would have reported $1 million in suspicious transactions.įinCEN received approximately $119 billion in suspicious activity reporting associated with CVC taking place wholly or in substantial part in the United States. ![]() Crypto Suspicious Activity Report Dollar Value ComparisonįinCEN stated that the 92,000 crypto-related SARs filed in 2021 reflected over $92 billion in transactions. ![]() SF Crypto Exchange filings estimated by DSA. SAR Stats for Casinos, Securities, and (Crypto) from FinCEN. Chart prepared by Dynamic Securities Analytics, Inc. FinCEN reported that over 92,000 Crypto-related SARs were filed in 2021.ĭSA’s analysis estimated that cryptocurrency exchanges located in San Francisco filed approximately 180,000 SARs in 2021. Last year there were 54,937 SARs filed by Casinos/Card Clubs and 58,951 SARs filed by Securities/Futures firms. Despite cryptocurrency only existing for thirteen years, there were more SARs filed related to crypto assets in 2021 than for the Securities or Gaming industries. The 1600’s saw the creation of the first stock, stock exchange, and government bond.īad actors have had centuries to devise ways to exploit securities and gambling for financial crime and to launder funds.īitcoin came into existence in 2009. ![]() Gambling has been traced back to ancient civilizations and the first casino opened during the Renaissance. Some financial industries have been in existence for centuries or millennia. Industry Comparison of Suspicious Activity Reports The average transaction dollar value for a crypto-related SAR in 2021 was $1 million vs $19,300 for MSBs in 2010. Crypto SARs outpace long established industries such as Gaming and Securities. So all of this together, I put the odds of Joe Biden even seeking the Democrat nomination, very, very low," he added.Summary: Crypto Suspicious Activity Reports (SARs) on a SAR per User Rate greatly exceeded other investment products. "There are a lot of questions that Joe Biden is going to have to answer with respect to his son and his brother's influence peddling that's happened over the past decade. In October, Comer spoke about the planned investigations during an interview on Fox & Friends, saying, "Look, this Biden family investigation's only going to ramp up in a Republican majority. "It's unacceptable that the Treasury Department continues to run cover for the Biden family and possibly hide information about whether Joe Biden benefited financially from his family's business transactions," Comer said in a statement at the time. Treasury Department, saying that it "refused to provide" suspicious business transactions between "Hunter Biden and other Biden associates and family members." In a statement sent to Newsweek on Thursday, Ian Sams, a spokesperson for the White House Counsel's Office said, "Instead of working with President Biden to address issues important to the American people, like lower costs, congressional Republicans' top priority is to go after President Biden with politically-motivated attacks chock full of long-debunked conspiracy theories." "And on some accounts at least, red flags were raised by banks to the account owner or owners indicating suspicious or illegal activity," Comer added. NICHOLAS KAMM/AFP/Getty Imagesĭuring the press conference on Thursday, Comer further spoke about the probe and said, "As part of our investigation, we have evidence that the finances, credit cards, and bank accounts of Hunter and Joe Biden were co-mingled, if not shared. On Thursday, House Republicans announced a probe into Hunter Biden. President Joe Biden, exits Holy Spirit Catholic Church after attending mass with his father (out of frame) in Johns Island, South Carolina, on August 13. ![]()
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