NEWS

A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:

“The amount of observed Bitcoin laundering is small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”

The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe, receiving more than five times as many illicit transactions as North America.

AML processes must improve

The report suggests that the best way to combat such illicit activity is through more stringent anti-money laundering (AML) measures. The report states that the only way to manage the illicit transaction is for “Financial authorities in all jurisdictions [to] increase AML enforcement.”

 

 


Leave a Reply

Your email address will not be published.

Related Posts

Altcoins

Swiss Crypto exchange Lykke finally adding more trading pairs!

Lykke, a Swiss Fintech company building a regulated, blockchain-based global marketplace, added Bancor Network Token and Appcoins to their exchange earlier this week. Furthermore they have announced plans to implement the BitShares blockchain on the Read more…

Allgemein

Here is why cryptocurrency prices are different on each exchange

Cryptocurrency prices vary depending on the exchange they’re trading on. For instance, as of 10:50 a.m. CET on Tuesday , Bitcoin was trading on these exchanges at the following price points: • Kraken – $17,212 Read more…

Altcoins

Mainstream FUD pushed bitcoin to multi-month low, below 8000$

Bitcoin hits multi-month low, cryptocurrency markets still feeling the strain after a wave of negative sentiment hit markets again this week. Bitcoin dropped below $8000 today, Feb. 2, for the first time since November, 2017 Read more…