The U.S. Internal Revenue Service (IRS) has been keeping a closer vigil on the alleged illicit Bitcoin trading on Telegram that involves criminals using the privacy-centric messaging app for money laundering, according to special agent Chris Janczewski.

Illicit Crypto Trading on Telegram Has Got the IRS Worried

According to the U.S. Internal Revenue Service (IRS), Telegram might be the preferred way for some criminals for money laundering and obfuscating their tracks with the app’s secretive chats right now being one of the most worrying factors for law enforcement officials.

A special agent of the IRS’s Cyber Crimes Unit, Chris Janczewski says that P2P exchanges on the messaging app can quickly and easily shift illicit or stolen funds.

Known as over-the-counter (OTC) trades, there are plenty of secretive groups on Telegram that offers crypto trading primarily due to the density of the cryptocurrency trading community on the trading platform.

Telegram is more focused on privacy than other messenger apps as one can use more messaging bots on the trading platform as traders can take advantage of the RSS and automated bots to create broadcasts and share them with their group members.

U.S. Govt Paying Closer Attention to Crypto-Related Crimes

The U.S. government has been taking a closer look at crypto-related crimes and the overall crypto market.

For instance, last month, Biden’s administration unveiled a new tax plan that would force businesses conducting crypto transfers over $10,000 or more to report their transactions to the IRS.

Similarly, just last week, IRS Commissioner Charles Rettig asked for stringent crypto regulation such as monitoring and collecting crypto data. The U.S. Treasury Department said recently that “cryptocurrency already poses a significant detection problem by facilitating illegal activity.”

Meanwhile, high-profile ransomware attacks on public U.S. infrastructure in recent times have brought greater awareness to these types of hacks and the vulnerability of large parts of the nation’s economy.

In a White House press briefing last week, President Biden’s national security advisor, Jake Sullivan stated that the U.S. President is planning to discuss various crypto-related ransomware issues at the G-7.