Global Drug Conspiracy Used Binance To Launder Millions In Crypto - page 2.

bitmover

legendary

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bitcoindata.science

Quote from: DaveF on December 26, 2022, 06:21:15 AM

bitmover is correct in the fact that these numbers are a fraction of the total world drug trade.
BUT, these cartels are not nice people. They kill and hurt a lot of people. Not fighting them is not an option. Bot sure if there is a good answer to dealing with the, just a bunch of less bad options.

-Dave

I agree. Fighting them is the only option. The point is that they wash way more money in other more traditional methods (such as fake companies, fake modern art, etc)
This Forbes article make it looks like binance is just a money laundry for drug dealers, but it is certainly not.

Binance/cryptocurrencies are now in the spotlight after FTX collapse (and SBF is a criminal, he hurted a lot of people as well).

DaveF

legendary

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Crypto Swap Exchange

Shocking....wait no it's not.

I wonder how many of the exchanges that don't ask for any sort of info other then an email address have tons of money flowing through them that came from questionable sources.

bitmover is correct in the fact that these numbers are a fraction of the total world drug trade.
BUT, these cartels are not nice people. They kill and hurt a lot of people. Not fighting them is not an option. Not sure if there is a good answer to dealing with the, just a bunch of less bad options.

-Dave

PawGo

legendary

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I am afraid that in the post-LUNA, post-FTX days, every news like that confirms crypto is 'dirty' and people will stay away from that. Of course this is only one side, on the other side we have tons of youtubers who were convincing people to invest in some sh*tcoins which would bring 'enormous profits'.
All that now collapsed and we look at ruins and smoke. I hope soon sun shine again, but today everything confirms coming into crypto world is too dangerous for a typical John Smith.

bittraffic

hero member

Activity: 3038

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This seems to be good news for the DEA since Binance worked with them to uncover and trace transactions. It would appear DEA would need binance more if they wanna solve cases like laundering after all they are the largest crypto that operates as of now.

It's not BTC's fault not Binance, the launderers are just a bit getting techy and DEA needs to upgrade its knowledge about crypto.

avikz

legendary

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That's quite unfortunate! I am concerned about what the future holds for Binance! They are already facing a federal investigation regarding money laundering, and this incident will allow the regulatory bodies and enforcement agencies to launch a full-scale investigation on Binance and eventually try to close their operations from US soil. Even though they are not directly involved in the drug trade, they will still face the heat. My concern is, that the ordinary public like us may see delayed withdrawals and suspensions due to all these nonsense matters. The cascading effect will be seen on the market which is already struggling with the falling price! Not ideal at all!

bitmover

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bitcoindata.science

Quote from: PawGo on December 26, 2022, 05:49:28 AM

A methamphetamine and cocaine gang operating across the U.S., Mexico, Europe and Australia used the world’s biggest cryptocurrency exchange Binance to launder tens of millions in drug proceeds, according to an ongoing investigation by the US Drug Enforcement Administration. Between $15 and $40 million in illicit proceeds may have been funneled through Binance, the DEA alleged.

More details:
https://www.forbes.com/sites/thomasbrewster/2022/12/19/mexican-drug-gang-money-laundering-over-binance-crypto-exchange/?sh=2c9869754a59

Isn't this a very small value compared to total volume those drug dealers deal with.?

According to worldmeters, the total volume is about 400 billions usd per year.

This is not too much money when in the right context.

Quote

"With estimates of $100 billion to $110 billion for heroin, $110 billion to $130 billion for cocaine, $75 billion for cannabis and $60 billion for synthetic drugs, the probable global figure for the total illicit drug industry would be approximately $360 billion. Given the conservative bias in some of the estimates for individual substances, a turnover of around $400 billion per annum is considered realistic."

https://www.worldometers.info/drugs/

PawGo

legendary

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News like that does not help crypto-world to gain trust... And unfortunately helps a lot people who say crypto is for criminals and weapon/drug dealers.
And unfortunately the name of exchange sounds very familiar.

A methamphetamine and cocaine gang operating across the U.S., Mexico, Europe and Australia used the world’s biggest cryptocurrency exchange Binance to launder tens of millions in drug proceeds, according to an ongoing investigation by the US Drug Enforcement Administration. Between $15 and $40 million in illicit proceeds may have been funneled through Binance, the DEA alleged.

More details:
https://www.forbes.com/sites/thomasbrewster/2022/12/19/mexican-drug-gang-money-laundering-over-binance-crypto-exchange/?sh=2c9869754a59

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