Money laundering via BTC - page 3. | Bitcointalksearch.org

bitbrawlers

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Quote from: nrnahid on October 09, 2019, 12:48:11 PM

Bitcoin is many places is not considered a currency or money but is called a virtual service, so in some places, it's just considered as a commodity rather than as a currency. Of course I am sure governments will try to regulate and control if they see too much money is being drained from their country.

Yes this is absolutely true. However it will be difficult to regulate BTC since it can be stored locally on your device. They can only make the fiat to BTC on ramps ("centralized exchanges") more difficult to access by requiring KYC, though this simply results in decentralized services like bisq becoming more popular since it allows converting fiat to BTC with no ID.

bitbrawlers

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Quote from: marcbitcoins on October 28, 2019, 01:10:11 AM

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?

Money laundering is really possible for Bitcoin because it is also a currency or a money. In fact some countries are hesitant to adapt Bitcoin investment because of money laundering but thanks to the regulation in which money laundering using Bitcoin is now controllable. Latest News from Poland regarding money laundering activities but was foiled. https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2019-10-25/crypto-capital-official-nabbed-in-polish-money-laundering-probe

Bitcoin is actually regulated as a commodity but sometimes also regulated as a virtual currency. Money laundering is less than ideal with bitcoin because all transactions are visible on the blockchain unlike fiat currency. It's in fact easier to launder money using fiat than it is using bitcoin, and so far none of the AML regulations for fiat currency has made any real dent against money laundering. It's only hurt SMEs due to all of the paperwork they need to deal with.

marcbitcoins

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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?

Money laundering is really possible for Bitcoin because it is also a currency or a money. In fact some countries are hesitant to adapt Bitcoin investment because of money laundering but thanks to the regulation in which money laundering using Bitcoin is now controllable. Latest News from Poland regarding money laundering activities but was foiled. https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2019-10-25/crypto-capital-official-nabbed-in-polish-money-laundering-probe

nrnahid

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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?

Bitcoin is many places is not considered a currency or money but is called a virtual service, so in some places, it's just considered as a commodity rather than as a currency. Of course I am sure governments will try to regulate and control if they see too much money is being drained from their country.

stadus

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Quote from: Flor1982 on October 07, 2019, 03:24:20 AM

Money laundering is the main reason of why some governments would not accept Bitcoin in their country. Even do there is regulation which is the way to counter this money laudering activities still some government would not adopt the investment which i wonder why.

Government does not have to adopt to any, they just have to regulate crypto so they have a power to monitor the transactions in a legal way.
Money laundering is possible in fiat and in crypto but fiat is regulated and normal big transactions are happening within the banking system or bank to bank transaction and since they oversee the bank, they have to power to trace transactions of deposits and eventually find those money launderers who are in the hot list.

Crypto runs in the blockchain but this blockchain can be regulated, therefore its easy as we have a so called public ledger, their job now is just to look for whoever owns the transaction by regulating crypto exchanges and similar businesses.

nrnahid

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Of course it is possible to launder money via Bitcoin. Otherwise, Bitcoin cannot be considered the equivalent of a real currency, because the ability to launder money is a "feature" of every fiat currency.

Flor1982

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Money laundering is the main reason of why some governments would not accept Bitcoin in their country. Even do there is regulation which is the way to counter this money laudering activities still some government would not adopt the investment which i wonder why.

nrnahid

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Of course it is possible to launder money via Bitcoin. Otherwise, BTCBitcoin cannot be considered the equivalent of a real currency, because the ability to launder money is a "feature" of every fiat currency. Roll Eyes

coin-investor

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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?

It has been established and this is the bad side of Cryptocurrency, but the good side outweighs the bad side, there are in fact a lot of benefits using Bitcoin and other Cryptocurrency, and fiat are also used in money laundering also, all kind of currency are subject to laundering, it's just that criminals have found a way to use it more in the black market, but like what I said Bitcoin was a more positive usage than a negative one and authorities and the communities are trying to combat the negative side.

Anegg

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Money laundering can definitely be carried out through bitcoin, however, there are better cryptocurrencies out there that are designed for maximized anonymity. With bitcoin, everyone is able to see transactions that occur on the network and can monitor the flow of funds. However, the person behind the bitcoin address remains anonymous until they want to cash out their bitcoin which will then cause them to be easily identified especially through the use of services such as local bitcoins. In fact, mixer services such as chipmixer may get subpoenaed by law enforcement services which would result in the identification of fund locations. This is why bitcoin is one of the less popular cryptocurrencies used in laundering money.

Finestream

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Quote from: qwertyup23 on October 02, 2019, 01:31:40 AM

Money laundering via cryptocurrencies is the most convenient and safest way of doing it. The anonymity factor it provides and anyone can do it.

The only trace if you will withdraw the money in local exchange.
You need to be in the watchlist of the AMLC in order for them to monitor your trace your transactions and monitor it.
They have the authority to check on exchanges and if you are verified, they will see traces of your transactions, so in that way in case your launder money you are likely to get caught.

Quote from: qwertyup23 on October 02, 2019, 01:31:40 AM

Not only money laundering but sending money via remittances.

Remittances I guess are also monitored by AMLC, so you need to be careful as almost everything that is centralized can easily be monitored by the government.

qwertyup23

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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?

This is one of the key reasons on why the government is against the world-wide implementation of bitcoin due to the fear of its anonymity factor. Every transaction in bitcoin, it protects the parties from knowing the exact location of each transaction. This is also the reason on why most people under the Dark Web use bitcoin as the main currency in order NOT to be detected by authorities.

Quote from: Victorycoin on June 23, 2019, 05:42:59 AM

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

Money laundering via cryptocurrencies is the most convenient and safest way of doing it. The anonymity factor it provides and anyone can do it. Not only money laundering but sending money via remittances.

jaocoincrypto18

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Quote from: Victorycoin on June 23, 2019, 05:42:59 AM

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

That is why Bitcoin and the Crypto currency should be regulated and we should strongly to support it too. In fact there is now an International regulation for Money laundering under Financial Action Task Force (FATF) so that it could fully combat this money laundering problem in the whole world. Hopefully that this issue of Money Laundering thru Bitcoin will be eliminated as it just give bad reputation to the whole crypto currency market.

alexcopper

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Quote from: Schirer on July 25, 2019, 03:55:31 AM

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?

It used to be very easy to use BTC for stealthy money transfers. Nowadays it is becoming more and more difficult. The main reason is that regulation is getting stricter.
1. FATF recently added their guidelines how to collect and what data collect on crypto users , it starts with as small as a sum as 1000 USD
2. Localbitcoins recently removed cash deals from their platform

It's crazy to me that BTC is still the most widely used in the dark web too. Did you see Ciphertrace's TRISA announcement which is their way of providing more privacy to the FATF guidelines?

rodel caling

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That is possible bitcoin is use for money laundering all herein the world isn't possible if the poeple want to work out what they want to get bad or good. Bitcoin is good people use bitcoin of fiat money for the bad ways using their ability.

jrrsparkles

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Quote from: jerry0 on September 14, 2019, 10:20:36 PM

I always wondered about this. So are you saying crypto wallet hackers who get btc in hacks, clean money this way? I know lot of wallets have gotten hacked. So if someone hacked 100 btc for example, then went to turn it into real money, how in the world would they do that? I mean they can't say i bought 100 btc back in 2011 when it was 10 dollars right?

The other thing i thought was well couldn't they sell btc with local bitcoin? But obviously bigger transaction, the more risky it is.

And if they send the btc to like coinbase or gemini or bitstamp, wouldn't they have tons of questions from exchange?

When someone got huge fiat money and want them to converted into bitcoin then there will be huge risk for them but scammers who got btc from hacking have options to spend it as btc itself on many places.Darkweb is the most used place for transacting bitcoins but that is not meant to be happen.So governments have the power to regulate cryptos and make it available for everyone to be used.

jerry0

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I always wondered about this. So are you saying crypto wallet hackers who get btc in hacks, clean money this way? I know lot of wallets have gotten hacked. So if someone hacked 100 btc for example, then went to turn it into real money, how in the world would they do that? I mean they can't say i bought 100 btc back in 2011 when it was 10 dollars right?

The other thing i thought was well couldn't they sell btc with local bitcoin? But obviously bigger transaction, the more risky it is.

And if they send the btc to like coinbase or gemini or bitstamp, wouldn't they have tons of questions from exchange?

ccryptopark

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Did any one happen to see that MIT researchers and IBM are starting to get invovled? https://www.theblockcrypto.com/2019/08/02/blockchain-analytics-startup-elliptic-mit-researchers-collaborate-to-detect-money-laundering-in-bitcoin-using-deep-learning-techniques/

Makes sense to have companies like Elliptic and Ciphertrace working to create proper techniques to trace transactions

teddyelwyn

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BTC might be the first to openly be caught (and still on going) laundering money according to Ciphertrace's blockchain forensics technology. Their last quarterly report numbers were insane how much got stolen and illegally moved around.

Schirer

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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?

It used to be very easy to use BTC for stealthy money transfers. Nowadays it is becoming more and more difficult. The main reason is that regulation is getting stricter.
1. FATF recently added their guidelines how to collect and what data collect on crypto users , it starts with as small as a sum as 1000 USD
2. Localbitcoins recently removed cash deals from their platform

Topic: Money laundering via BTC - page 3. (Read 39389 times)