Topic: Why do people need to use Bitcoin for Money laundering? - page 2. (Read 2094 times)
Bitcoin and cryptocurrencies have become the most effective tool for money laundering because it's decentralized. You can do dark transactions as many as you like while your identity is completely concealed. Thus, it gives money launderers confident to do whatever they want.
It is because the cryptocurrencies are decentralized and no central organization that is aware of all the transaction that is happening and the transactions are anonymous then some criminals used it to do their illegal activities. That is why here in our country, our government wants to regulate the cryptos for the protection of the people and the financial system.
One thing we have to get and set straight is the fact that governments are not particularly out to destroy Bitcoin or they are against it per se, what they are against is the money laundering which could be tagged as corruption and the terrorist activities is could help finance without anyone knowing or tracing the payment methods owing to its decentralized and volatile nature. With that, Bitcoin would be used to laud public funds. With other national currency, you CAN actually do it without being found out at first, however, if honest persons are in place, with time, the person could be fished out. It's not really the same with Bitcoin. Once laundered, it's gone.
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this.
https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/
Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this.
https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
Basically, the handy feature bitcoin has that's really attracted a lot of money launderers is the anonymousity of bitcoins. It can be sent without it being traced by anyone. No bread crumbs, no problems, right? But the thing is, you have to exchange it for cash so it still imposes a lot of problems for money launderers.
because bitcoin is very safe for money laundering, it can happen because bitcoin cannot be tracker, because the way to make a bitcoin wallet is very easy and can be made in large quantities without using any identity.
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this. https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/
Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this.
https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
Basically, the handy feature bitcoin has that's really attracted a lot of money launderers is the anonymousity of bitcoins. It can be sent without it being traced by anyone. No bread crumbs, no problems, right? But the thing is, you have to exchange it for cash so it still imposes a lot of problems for money launderers.
For small amounts, this is just perfect 
Money launderers historically have far outstripped the efforts of regulators, law-enforcement officials and anti-money laundering (AML) professionals who try to stop them from circumventing the law. Fraud examiners should seriously consider what the future of money laundering involving bitcoin might look like so they can close the gap between the good guys and the bad guys.
Perhaps there were some other details but the Bitcoin involvement?
Probably because the Bitcoin Network is not controlled by any state agency, it is completely free and Bitcoin owner information is completely anonymous so criminals prefer Bitcoin to money laundering.
I guess there's a clear enemy line against regulated and unregulated.
Banks as we know are regulated by the governments, there lies an undeniable co-existence of banks and governments due to taxation. So i guess, there's a much wider consideration when a bank is involved in dubious dealings more than bitcoin related incidents.
And as bitcoin remains unregulated, that same consideration can never be expected i guess. The full force of the law shall be imposed always because there lies no mutual benefits.
Banks as we know are regulated by the governments, there lies an undeniable co-existence of banks and governments due to taxation. So i guess, there's a much wider consideration when a bank is involved in dubious dealings more than bitcoin related incidents.
And as bitcoin remains unregulated, that same consideration can never be expected i guess. The full force of the law shall be imposed always because there lies no mutual benefits.
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this. https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/
Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this.
https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
Since bitcoin can go anonymously, most of the people see it as an opportunity to scam others and do money laundering for some people. Bitcoin, for me, considered as a mainstream thing of our society and because of that many people are starting to be involve in here resulting to the tricksters use it as a way to get what they want in a bad way.
It is the place where people like to invest and here can also be used as a place for money laundering by bitcoin miners. Because here is the safest place for investigators and safe money while in a bitcoin wallet.
Although many of the characteristics used by criminals to take advantage of, Bitcoin is still the digital currency that investors are looking for with great potential and profitability. Bitcoin money laundering accounts for only a small fraction of the transactions made each day in the Bitcoin network.
Money laundering in real cash/fiat money all over the world is very widespread on the world now,all government launders money for their own uses which ending up them being tracked up and penalized for it.Bitcoin is a asset where its anonymous,you can easily change ip addresses in every transaction you make and there are no rules or condition on bitcoin transaction where it must not be used in illegal activities which ended users using bitcoins to launder money because its not easy to track people on bitcoin blockchain
Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After
7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this. https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/
Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
In my opinion,bitcoin is being used for money laundering it is because transactions are anonymous. No need for identify to any transactions. 7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few
weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the
Bank got jail time for doing this.
https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated
the sale of $250 million worth of drugs.
Why are we seeing such double standards, when Bitcoin is involved?
The main reason for Bitcoin as a money laundering platform is its inherent anonymity and lack of supervision. The limited customer information obtained from cryptocurrency exchanges makes it easier for criminals to hide their illegal activities and illegal transactions.
Bitcoin trading information canbe hidden in a variety of ways, creating barriers for those trying to track the entire dirty trading chain. The Bitcoin blender combines transactions to effectively mix stolen coins with clean coins, but there are currently some security analysts working on smashing money laundering tools on these bitcoin blockchains. In addition, transactions completed on the TOR network are also difficult to track because the IP address from which the transaction originated was hidden.
Bitcoin trading information canbe hidden in a variety of ways, creating barriers for those trying to track the entire dirty trading chain. The Bitcoin blender combines transactions to effectively mix stolen coins with clean coins, but there are currently some security analysts working on smashing money laundering tools on these bitcoin blockchains. In addition, transactions completed on the TOR network are also difficult to track because the IP address from which the transaction originated was hidden.
When people want to stay anonymous making the money operations (including some money laundry), they often do it with the help of Bitcoin and some other popular cryptos.
you are doing transactions with bitcoin the users may not necessarily give you their true identity. Usually if there is a malicious intention, his wallet is not exposed on the internet.
I think because it is easy for them to use, unlike fiat money they could easily being tract down when they see you holding on it.
I think it is because that it is hard to track the perpetrator hiding in the dark web, the transaction of bitcoin is anonymous so it is difficult to hunt them down. Bitcoin is the new digital cash and is famous now and most of bitcoin holders are not that tech savvy, they are easy to get victimized by the scammers.
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