news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.

ALERTS | ICOS | STOCKS | CRYPTOS | OPINIONS

© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Bitcoin Laundering Less Than One Percent of All Transactions

Recent reports indicate that less than one percent of Bitcoin transactions involve money laundering or illicit activities.

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.”

No Comments

Post A Comment