IRS Investigating Crypto Exodus to Puerto Rico – Crypto Crime Down 65% in 2023

• The IRS is investigating American crypto exodus to Puerto Rico.
• Crypto crime has decreased by 65% in 2023, but ransomware remains prevalent.
• Binance CEO CZ denies rumors of senior executive resignations due to regulatory challenges.

IRS Investigating American Crypto Exodus

The Internal Revenue Service (IRS) is investigating an apparent exodus of American crypto users leaving for Puerto Rico as a way to evade taxes and regulations. Crypto crime rates have decreased by 65 percent in the past year, though ransomware is still prevalent in the crypto space.

Binance Regulatory Challenges

Binance CEO Changpeng Zhao (CZ) has denied rumors that senior executives at Binance have resigned due to ongoing regulatory challenges. BlackRock CEO Larry Fink praised Bitcoin as an “international asset” and likened it to “digitizing gold” when discussing cryptocurrency investments.

Bitwage Halts USDC Payments

Payment processor Bitwage has halted USDC payments for U.S.-based residents, citing “strict regulations” as the reason for its decision. Coinbase recently challenged the SEC’s attempt to dismiss its defenses in court, asserting a lack of regulatory authority over cryptocurrencies.

Crypto Crime Down 65 Percent

Crypto crime rates have significantly dropped since 2023, with overall crime being down by 65 percent – though ransomware attacks remain prevalent throughout the space. It is unclear what impact this decrease will have on law enforcement efforts against illegal activity within the crypto industry going forward.

Coinbase Challenges SEC Motion

Coinbase responded to the SEC’s attempt to strike out their defenses with a letter saying their defense based on major questions doctrine should succeed because it does not meet dismissal standards set forth by the Court. The exchange was ready to address the Court on July 13th about this matter