Mexico’s regulatory body, Financial Intelligence Unit (UIF) has accused 12 cryptocurrency exchanges of operating without registration and reporting requirements with the authorities.
Local newspaper El Economista reported on Wednesday 12 exchanges are operating illegally in Mexico according to Santiago Nieto Castillo, head of the agency. The names of the exchanges have not been revealed.
In a seminar on financial intelligence and risk management, Nieto Castillo said:
“We are generating cases so that the attorney general’s office can operate.”
He further added:
“A fundamental issue will be to analyze cryptocurrencies and their relationship with criminal groups. I am struck by the fact that many of the cryptocurrency platforms are installed in several municipalities in the state of Jalisco.”
Jalisco is an area controlled by a drug cartel called Nueva Generación. He explained that restraining crimes related to cryptocurrencies such as money laundering is a key issue the regulators are trying to solve.
According to the Fintech Law, which came into effect in 2020, exchanges that record transactions increasing M$57,804 (US$2,896) have to report the transactions to the regulatory body.
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