⬆️Find the most undervalued gems, up-to-date research, and NFT buys with Altcoin Buzz Access. ⬆️For more cryptocurrency news, check out the Altcoin Buzz YouTube channel. These include AmBank, ABN Amro, Capital One, Deutsche Bank, Julius Baer, DNB ASA, and Apple Bank for Savings, according to Forbes. Some of the most significant penalties were for major banks. According to research, 2021 was another massive year for AML-related fines.įurthermore, the total amount in AML fines for the year was $2.7 billion, with 80 banks and institutions fined.
Last year was a big one for anti-money laundering fines for banks. “It’s an “inconvenient truth” for those that are anti-crypto that the overwhelming majority of all money laundered goes through the traditional banking system, not crypto.” Big Banks Fined
Privacy coins can also be tracked, unlike cash. Transaction data is stored on the immutable ledger, which can be tracked. Big crypto exchanges now demand much more personal information.Īttention will come to those moving large sums of money. Opening a bank account with fake identification documents at small local banks is easier. KYC is quite stringent in the crypto industry.Furthermore, the figures dwarf the entire crypto market capitalization, which is just $1.3 trillion.Ĭryptocurrency is not a suitable medium to launder money for several reasons: This works out at between $800 billion and $2 trillion per year. However, these represent a tiny fraction of the overall transaction volume.Īdditionally, the UN estimated that between 2% to 5% of global GDP in traditional fiat cash is involved with money laundering. There are hacking groups such as Lazarus that use crypto for ransoms.
No, Crypto Is Not a Haven for Money LaunderingĪ Chainalysis report revealed that just 0.15% of crypto transactions were associated with illicit activity in 2021. Spoiler: the overwhelming majority of all money laundered goes through the traditional banking system, not crypto. They could not be further from the truth.īinance CEO Changpeng Zhao unveiled the findings in a tweet on May 31.Ĭrypto and Money Laundering: An Inconvenient Truth. Crypto detractors will either claim that cryptocurrency is worthless or only used by criminals for money laundering. It is part of an effort to debunk the misconceptions regarding the involvement of cryptocurrencies.įurthermore, the report cited statistics from renowned analytics firms and the United Nations to support its argument. However, the truth is that most of all laundered money goes through the traditional banking system.Ī new report by cryptocurrency exchange Binance has taken a deep dive into money laundering. Cryptocurrency is often wrongly associated with money laundering, especially by anti-crypto politicians.
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