The Justice Department is disbanding a team of prosecutors who targeted cryptocurrency crimes and is shifting its focus away from complex crypto-related cases involving banking and securities law.

WASHINGTON – The Justice Department has shut down its unit that investigates cryptocurrency fraud “effective immediately,” even as the Trump administration ramps up its embrace of the emerging digital currency market, according to a memo by Deputy Attorney General Todd Blanche.

The U.S. Justice Department is disbanding its National Cryptocurrency Enforcement Team and ordering prosecutors to narrow crypto investigations to focus on drug cartels and terrorist groups, according to a memo seen by Reuters.

The Justice Department is disbanding a team of prosecutors who targeted cryptocurrency crimes and is shifting its focus away from complex crypto-related cases involving banking and securities law.

The U.S. Justice Department recently notified employees that the regulator was scrapping a unit focused on crypto enforcement, aligning with the Trump administration's push for deregulation, according to a Tuesday media report that cited a memo.

The memo, sent by Deputy Attorney General Todd Blanche, outlines a decentralized approach for digital asset cases.

The U.S. Justice Department is disbanding a team of prosecutors who targeted cryptocurrency crimes and malfeasance.Stay Ahead of the Market:

A new policy may wipe out prosecutions aimed at crypto’s use in money laundering and sanctions evasions.

Trump’s Justice Department is going to pull back on prosecuting cryptocurrency fraud, according to a memo from Deputy Attorney General Todd Blanche. The memo, sent to the Justice Department Monday, states that the DOJ won’t be pursuing cases that Blanche said are better suited for financial regulators,