PANews reported on August 5th that, according to The Block, the U.S. Financial Crimes Enforcement Network (FinCEN) warned financial institutions on Monday that criminals are exploiting cryptocurrency ATMs to carry out criminal activities, including laundering suspected drug proceeds and defrauding the elderly. FinCEN Director Andrea Gacki stated that criminals are exploiting innovative technologies such as cryptocurrency self-service terminals, citing a U.S. Drug Enforcement Administration report that indicates that criminal organizations such as the Jalisco New Generation drug cartel are increasingly using cryptocurrency ATMs. FinCEN also warned that some cryptocurrency ATM operators may not comply with regulations, fail to verify customer information, and lack appropriate policies, procedures, and internal controls, making it difficult for them to respond to law enforcement requests for financial institutions to report suspicious activity.