[2017-03-21] EU Cracks Down Cryptocurrency Fails to Regulate Traditional banks

European authorities have been steadfast towards regulating bitcoin because they believe digital currencies bolster money laundering and criminal financing. However, according to reports, a multitude of the UK’s leading banks have processed funds associated with money laundering operations and criminal organizations.

"HSBC processed $545.3m in laundromat cash, mostly routed through its Hong Kong branch,” explains The Guardian. “The troubled Royal Bank of Scotland – which is 71% owned by the UK government – handled $113.1m. Coutts – used by the Queen and owned by RBS – accepted $32.8m worth of payments via its office in Zurich, Switzerland. Coutts is winding down its Swiss operation and was last month fined by regulators for money laundering in a different case."

Read More Here: https://news.bitcoin.com/eu-cracks-down-cryptocurrency-fails-regulating-traditional-banks/

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