How is money laundering possible in crypto?

[JesusFries 1958]

Money laundering is possible for every currency even fiat and digital currencies. Money laundering in cryptocurrency involves transferring the illegal money into the cryptocurrency networks. Launderers use mixers, tumblers, and chain hopping collectively, which is known as a cross-currency process. Also, there are exchange platform that is regulated by Anti-Money Laundering but there are other exchanges that were unregulated which enables criminals or illegal businesses to withdraw laundered currency as legally acquired cryptocurrency.

[MalikAdnan 1662]

Yes there is no doubt you can do it everything with crypto. Crypto is a decentralized and non traceable. Many politician used this method for the money laundering. It is digital and crypto you can send it from one country to another with in minutes. So, it can be used easily.

Many people used this as a money laundering.

[KHALED ADWANI 1216]

Money laundering is one of the most important criticisms of cryptocurrencies. Many countries reject it for this reason. Anyone can transfer millions and billions from one country to another without anyone feeling it, and he can buy anything with it, whether it is legal or illegal.

[khan22 3478]

MOney laundering is very easy through the crypto market that you send the BTC or another coin in a low price from country to another easily and also there is no proof that you send the money or receive the money becasue the address is undetectable.

[The Game 2059]

Money laundering is possible in crypto because anything that have advantage must surely have disadvantages and as a matter of fact we see people creating links urging people to join crypto with unauthorize site which is all fake and we regard this people as scammers.

[SvenIronheart 44]

Money laundering in crypto is very possible especially it will be easier for those people to get victim because it's online. They can easily deceive beginners because they are just starting and don't have that a lot of experience in crypto world. It's better that we look for evidences before doing transactions online.

[VijithaVarghese 1994]

I think a lot of people who knows to take advantage of the cryptocurrency would definitely use it in non legitimate manner which can lead to increase in less trust of people. It's completely possible and this leading to the government to ban it.

[mzk7736 1592]

Money laundering is not possible in all the cryptocurrencies but it is only possible in the cryptocurrencies that are completely decentralized and we can make full anonymous payments through those currencies.

[huesca123 946]

Since there is no tracking of BTC, it is anonymous. There are now BTC ATM´s thru out the world. You can also buy other coins at these ATM´s. Buying BTC at these ATM´s is anonymous

 

Money laundering is possible with BTC because you can now buy luxury cars, properties, gold, silver, open trading accounts, some casinos accept BTC, etc. Buying things to laundry money, means that you will lose some money in the transaction, but you can then sell the item & then declare it if you want. Or not. There are many ways to use BTC in laundering money, thats why the Governments hate it. You also dont pay any taxes on it, if you dont declare it. Another reason why the tax man & governments hate it. But, thats more reason why, we the people, should love BTC & other cryptocurrencies.

[The Game 2059]

Money laundering in crypto can be possible because we people who always want to create a channel of illegal money and since crypto is a non governmental organization i think something like that is possible.

[hasaan 289]

May be money laundering possible through the crypto, any kind of money laundering is very harmful for the economy of any country. According to my view may be the gov. are not allow the crypto cause of money laundering. But the most positive new is that the exchange required a lot of document which may be help to prevent money laundering.

[betelihem 4766]

13 hours ago, hasaan said:

May be money laundering possible through the crypto, any kind of money laundering is very harmful for the economy of any country. According to my view may be the gov. are not allow the crypto cause of money laundering. But the most positive new is that the exchange required a lot of document which may be help to prevent money laundering.

Yeah money laundering is possible through bitcoin and other cryptocurrency's and yeah there are so meany criminals who are using cryptocurrency's for this purpose and that's why cryptocurrency is illegal in some country's, 

[Edwinvicky 819]

Money laundering is sure very possible, for example, someone can just negotiate with local exchange and convert the fiat to cryptos at a low rate. In this way, the exchange benefits more.

[abd1992 960]

On 1/5/2020 at 9:17 AM, Jalil Baloch said:

I have come to know that, capital present crypto has been accused for money laundering and has been sent to jail by polish government.

The money laundering process is very easy. The thief can buy digital currencies through the bank and then change them in other currencies and then withdraw them in the form of payments.

[mahdititus16 216]

about the money laundering possible in crypto i will explain to you all the things to understand all that , It is highly possible that crypto was use for money laundering since every transaction is anonymous and decentralized that no third party involved to check every transactions entering and it can't be track by the government. so i hope i answer to your question and i hope the batter for us and for every one , peace .

[Mubarak Salihu Ahmed 1350]

Money laundering is very easy and possible in crypto because it cannot be traced ,it is a decentralized digital currency,the financial independent and autonomy is the big reason many countries are imposing restrictions.money cannot be traced or tracked because no third party and as such money can be laundered easily 

[teebasas 3018]

Money laundering can highly be possible in crypto because since every transaction is anonymous and decentralized, it cannot be traced and I believe this is the reason many countries are imposing circumscribe.

[Francisco87 651]

On 1/5/2020 at 2:17 AM, Jalil Baloch said:

I have come to know that, capital present crypto has been accused for money laundering and has been sent to jail by polish government.

Hello friend the process is simple, criminals who want to launder money through cryptocurrencies open online accounts with digital currency exchanges, which accept fiat currency from traditional bank accounts. Once the origin of the money is properly murky, the funds are integrated into the legitimate financial system...

[Zafar123 906]

Online gambling and gaming through sites that accept bitcoin or other cryptocurrencies is another way to conduct a crypto money-laundering scheme. Crypto can be used to buy credit or virtual chips which users can cash out again after just a few small transactions.

[Ameralsamt 2558]

Yes, my friend, a lot of people in the world want to launder their money, digital currencies and especially Bitcoin was a new door to wash the way, and there's a lot. Of the prosecutions behind the people involved, many companies are involved in this matter. 

[ShiNorton 906]

People convert their huge money into crypto. They choose third party converter to get crypto & they put their bought crypto in the hardware wallets & keep their wallet in the very secured places. They sell their crypto in the better time.

[Mubiflow 1771]

21 hours ago, Mubarak Salihu Ahmed said:

Money laundering is very easy and possible in crypto because it cannot be traced ,it is a decentralized digital currency,the financial independent and autonomy is the big reason many countries are imposing restrictions.money cannot be traced or tracked because no third party and as such money can be laundered easily 

This is very true @Mubarak Salihu Ahmed because money laundering will be possible and easier for them because of the use of block chain or coin base for every transaction that occur without a 3rd party. I won't be surprised Money laundering becomes even more with cryptocurrency.

[freelancer 900]

I suppose so too because it's far in no way possible to invest in bucks. Here, it is feasible to ship a large sum of money together and without difficulty convert it into dollars. This isn't a prison problem. There had been felony steps to pay taxes. The transaction is easily completed via truck.

[khan22 3478]

Money laundering is possible in crypto market very easy becasue in this market the sender and receiver have no record and no one can track that and that is the reason that the peoples say the crypto market is use in black market.

[Serbberq 724]

Cryptocurrency is use for money laundering, there are people using cryptocurrency for illegal activities because of decentralized system, that no transactions is tracked and know is behind such transactions and no restrictions applied.