Money laundering via BTC | Bitcointalksearch.org

parulpagli01

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Ziskinberg

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Quote from: dansus021 on December 19, 2020, 09:08:07 PM

Quote from: Ziskinberg on December 19, 2020, 04:56:11 PM

But would it really serve the best interest of the people, crypto is not suppose to be centralized, it should be anonymous, meaning no KYC for every transaction. The regulators can regulate exchanges but they can't regulate a p2p transaction, which means money laundering is still possible.

I do agree the main purpose of crypto is decentralized but as we might see money laundry via crypto would be easy. Its possible to regulate the big exchange to takedown the scammer

Big exchanges are already regulated, name the popular exchanges in the forum now and search if they are regulated or not, I'm sure you'll find an answer that they are regulated.

Quote from: dansus021 on December 19, 2020, 09:08:07 PM

but p2p usually do for small amount of money right

Usually, but there are also big amounts of trading in here, those who really wants privacy are using the p2p service as it's not regulated though riskier.

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Quote from: suvo05 on May 21, 2020, 02:03:44 PM

Governments are using the cryptography research teams to track the BTC transaction, so Govs are very much aware of this and trying to stop money laundering through BTC.

Is it only the Government that have access to this tool to track BTC transactions? Not even the exchanges and security agencies?

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Quote from: shivamtrivedi9090 on December 20, 2020, 05:54:47 AM

Many people criticizing the cryptocurrency for Money Laundering. Many cases had seen of money laundering via BTC. But money laundering is still possible in the banking systems as well. And all of us had seen these cases as well.
Currently, the cryptocurrency industry has also been criticized for being a tool for money laundering, despite statistics stating otherwise. It is estimated that only 1.1% of all cryptocurrency transactions are illicit. All we need to know the hidden truths of money laundering.
With the growing use of the Bitcoin network, 42 million Bitcoin wallets, and counting, it is becoming increasingly possible to track transactions on public blockchains, while private banking transactions remain hidden in plain sight.

That's correct, in fact, money laundering as more cases using fiat and even moving money from bank to bank, that's why the regulators are aiming to strengthen the guidelines in order to prevent money laundering. However, criminals will always find a way to launder money, and they see crypto as the best platform to use and I believe if the government are really into their purpose which is to minimize money laundering, they should fully regulate the market.

The market will then be safer especially for investors as long as the regulars are doing their job in good faith.

shivamtrivedi9090

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Many people criticizing the cryptocurrency for Money Laundering. Many cases had seen of money laundering via BTC. But money laundering is still possible in the banking systems as well. And all of us had seen these cases as well.
Currently, the cryptocurrency industry has also been criticized for being a tool for money laundering, despite statistics stating otherwise. It is estimated that only 1.1% of all cryptocurrency transactions are illicit. All we need to know the hidden truths of money laundering.
With the growing use of the Bitcoin network, 42 million Bitcoin wallets, and counting, it is becoming increasingly possible to track transactions on public blockchains, while private banking transactions remain hidden in plain sight.

dansus021

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Quote from: Ziskinberg on December 19, 2020, 04:56:11 PM

But would it really serve the best interest of the people, crypto is not suppose to be centralized, it should be anonymous, meaning no KYC for every transaction. The regulators can regulate exchanges but they can't regulate a p2p transaction, which means money laundering is still possible.

I do agree the main purpose of crypto is decentralized but as we might see money laundry via crypto would be easy. Its possible to regulate the big exchange to takedown the scammer but p2p usually do for small amount of money right

Ziskinberg

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Quote from: UmerIdrees on December 19, 2020, 01:08:58 AM

Money laundering via crypto will be considerably reduced when U.S. Financial Crimes Enforcement Network (FinCEN) proposes a law where no one will be able to withdraw from the wallets until have provide proper evidence of the transactions. If this New KYC rules for crypto wallets is implemented, crypto will no longer be anonymous and it will make money laundering difficult.

But would it really serve the best interest of the people, crypto is not suppose to be centralized, it should be anonymous, meaning no KYC for every transaction. The regulators can regulate exchanges but they can't regulate a p2p transaction, which means money laundering is still possible.

UmerIdrees

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Money laundering via crypto will be considerably reduced when U.S. Financial Crimes Enforcement Network (FinCEN) proposes a law where no one will be able to withdraw from the wallets until have provide proper evidence of the transactions. If this New KYC rules for crypto wallets is implemented, crypto will no longer be anonymous and it will make money laundering difficult.

Botnake

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Billions of dollars have been laundered through cryptocurrency exchanges — bitcoin businesses often find themselves on the front lines. Money laundering is a significant problem for the world economy

if you have a source on that better add it to verify your statement.
Money laundering can be done anywhere, either in crypto exchanges or even in banks, but without a source we can't verify how serious the problem is.

the fact that exchanges are regulated, they are already following some set of measures to prevent money laundering, and if we say billions, that should be coming from whales or any trader that has been trading using a significant amount and I guess crypto exchanges are already requiring a KYC compliance to people who risk that big money.

okyeresam

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Yes I think is very simple

Karartma1

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There is so much confusion in this thread: most of you have to do proper research before even thinking about bitcoin privacy tools otherwise you will surely get rekt along the way.

First of all, remember that Bitcoin privacy tools (coinjoin, payjoin, wasabi, whirlpool, mixers etc) may work well only into the bitcoin world: if we do real p2p btc txs or if we use the LN, for instance. The moment we link bitcoin/crypto to the fiat currency world (where AML definitely kicks in) all those checks are inevitable and you will start playing with fire. Unless you are experienced firemen, I would avoid doing anything that can do more harm than good.
Exchanges do real-time monitoring nowadays and every tx is flagged: they are using both AI/big data services and chain analysis tools to understand where your btc have originated in the past.
Be extremely careful.

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BTC to the MOON in 2019

Quote from: Ridwan Fauzi on October 20, 2020, 02:13:22 AM

Quote from: Igor17Krik on September 07, 2020, 03:13:55 PM

Now billions of dollars are being laundered in bitcoins. It seems to me that this is one of the most important problems for the development of cryptocurrencies. Decentralization has pluses and big minuses in the form of machinations and other criminals.

Why like that? Even money fiat is more anynomous than bitcoin. When you use money paper for illegal purpose, are they traceable? I don't think so. You'll never track when someone use money paper, believe me.

AMLC will only be interested to check that if the money is already in the bank, paper money can be transferred from people to people but if we are talking of big money here which is usually the case for money laundering, it always involves bank and other financial institution and once it's already in the bank, there's already a trail.

Quote from: Ridwan Fauzi on October 20, 2020, 02:13:22 AM

As for bitcoin being used by illegal activity, I think it is depend on the user itself. There are many people as well who use bitcoin for a good purpose and it can help them. So, I don't think this is the important problem, if we compare bitcoin is like money fiat when people use them.

There's a public ledger which called blockchain, everything can be seen in there, that's the reason it's easier to track transactions.

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Quote from: Igor17Krik on September 07, 2020, 03:13:55 PM

Now billions of dollars are being laundered in bitcoins. It seems to me that this is one of the most important problems for the development of cryptocurrencies. Decentralization has pluses and big minuses in the form of machinations and other criminals.

Why like that? Even money fiat is more anynomous than bitcoin. When you use money paper for illegal purpose, are they traceable? I don't think so. You'll never track when someone use money paper, believe me.

As for bitcoin being used by illegal activity, I think it is depend on the user itself. There are many people as well who use bitcoin for a good purpose and it can help them. So, I don't think this is the important problem, if we compare bitcoin is like money fiat when people use them.

Botnake

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Quote from: ?? on ??

Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Bitcoin is completely anonymous digital asset. It is the perfect way to wash your money. Just buy bitcoin anonymously then cash it out to your bank with exchange sites. No one can't ask you where is money coming from.

Are you sure about that? You really have to cash it out from the bank? I think bank has more sophisticated control to trace the origin of your transaction because they are regulated by the government and banks do require KYC and they cooperate with the Anti Money Laundering Council.

azaarps

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Quote from: shamzblueworld on January 09, 2017, 12:11:50 AM

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

Yes, sir, there are a lot of services that provide money laundering through Bitcoin, but they take 50% of the amount and do not take the space to store the money in nothingness, which is a private electronic address far from the party of a responsible party or sites for which you provide your confidential documents
Like my service, you can use it for this thing. Create a secret wallet without documents. You can verify it through this: https://bitcoind.link/
There are many ways to benefit from my service for free. The only support is donations that are donated from the user only.

Igor17Krik

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Now billions of dollars are being laundered in bitcoins. It seems to me that this is one of the most important problems for the development of cryptocurrencies. Decentralization has pluses and big minuses in the form of machinations and other criminals.

husencoe

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I also agree with your opinion, because now many officials are keeping their black money in cryptocurrency especially in BTC, and for this many are doing so today, because saving money into cryptocurrency is the best way of money laundering.

Natalim

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BTC to the MOON in 2019

Quote from: Argoo on August 26, 2020, 03:29:09 PM

Quote from: dansus021 on August 18, 2020, 08:18:17 AM

Money Laundry using bitcoin is totally posibble Grin

using bitcoin mixer and buy some private based crypto like monero or zcash and your money is untracable

Money laundering with bitcoin and other cryptocurrencies has occurred and will continue to occur. This constant struggle between criminals and law enforcement agencies will continue for a long time with varying success. Only bitcoin is being used less and less for criminal purposes.
For this, coins with a high level of anonymity, such as monero, are increasingly being used. Bitcoin is only tentatively anonymous and traceable.

They are going to crack down mixers as this is one tool used for money launderers, this is a public information, we have read some news that stolen funds through hack were sent in mixers to lander the funds and since authorities can't track mixers, they might probably think of banning it.

Argoo

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Quote from: dansus021 on August 18, 2020, 08:18:17 AM

Money Laundry using bitcoin is totally posibble Grin

using bitcoin mixer and buy some private based crypto like monero or zcash and your money is untracable

Money laundering with bitcoin and other cryptocurrencies has occurred and will continue to occur. This constant struggle between criminals and law enforcement agencies will continue for a long time with varying success. Only bitcoin is being used less and less for criminal purposes.
For this, coins with a high level of anonymity, such as monero, are increasingly being used. Bitcoin is only tentatively anonymous and traceable.

dansus021

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Part of AOBT - English Translator to Indonesia

Money Laundry using bitcoin is totally posibble Grin

using bitcoin mixer and buy some private based crypto like monero or zcash and your money is untracable

Topic: Money laundering via BTC (Read 39389 times)