How is money laundering possible in crypto?

[Jalil Baloch 0]

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

[Roomi 1119]

3 minutes ago, 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.

Money laundering is very easy using crypto currencies. As no one controls crypto currencies also due to decentralized system it cant be tracked. So its easy to money laundering

[akfldpdf 9]

Since a lot of people uses crypto nowadays, it is possible for others to use it illegally. Users can fake their identities and instead doing illegal things using cypto. and also anyone can easily move money thru crypto.

[Benjamin 84]

10 minutes ago, aamir shamim said:

money laundering is too much possible in cryptocurrency world.noone controls the cryptocurrency and no one know that from which corner world money is going to whom.it is very much possible. 

I agree with this, this crypto are using in the black market and many people are using cryptocurrencies in black markets its because they are anonymous in the transactions, no one can see your history in transactions.

[Opinder 1310]

Money laundering means generating money with criminal activities like drug trafficking, terrorist funding etc but appears to have come from legal sources. Due to privacy crypto has more chances to use for illegal activities because there is no control of any authority on crypto transactions. If criminal activities increase with crypto then it could be banned.

[CryptoMaxim 3829]

Probably dirty money to buy the cryptocurrency from hand to hand. Then they transfer the cryptocurrency to the exchange, change it and withdraw clean money . I think so.

[Rahul21 626]

Of course, financing is possible in crypto because those who are involved in money laundering, but invest a lot of money from crypto and send it to other places because of that investment is the main point of money laundering.  Therefore, such illegal acts also result in many penalties through the legal system.

[Wijayafajar06 274]

for now it is very difficult to track someone who has done a transaction because they can only see their address and number on the Blockchain without knowing the owner is very difficult to know.

[bliznec 22267]

Many people know how and how to launder money in cryptocurrency. There are Ponzi schemes and many other schemes that scammers use. 

[Dmitriynik1985 29]

Essentially, it is a process in which money is separated from the criminal activities where it was earned and mixed with funds from legitimate enterprises, such as small businesses where cash sales are common, and then funneled back to the original criminal enterprise or source.

Cash has traditionally been king for these types of enterprises because it is notoriously difficult to trace and because many criminal enterprises, particularly drug trafficking, theft, and similar crimes deal in cash. However, cryptocurrencies are opening pathways for new methods of laundering funds on a scale that has global governments showing concern.

[Migo 7946]

2 hours ago, Alensam said:

crypto is decentralized and no one can track them in simple way so if anyone sends large number of money you can only see the address and amount but cant track the owner that way launchering happens with crypto

Yes you are right, thus is a unique feature in bitcoin, even if you have been hacked you can't recover your money all yiu can see is the transaction and the time and the date, no one can track him he is free from tracking 

[Suhannewaz 245]

Unregulated cryptocurrency exchanges (such as identification checks) may be used to' clean out' Bitcoin even without the use in the first place of a cryptocurrency mixing service, also without the use of KYC / AML procedures or anti-know-your-customer.

[Satishmolankar 1703]

For stopping this money laundering most of the trading exchange have set that every user have to verify id and that can help to the money laundering for crypto currency markets and it will work

[guatazoo 7150]

Criminals use crypto money laundering to hide the illicit origin of funds, using a variety of methods. The most simplified form of bitcoin money laundering leans hard on the fact that transactions made in cryptocurrencies are pseudonymous.

source: https://www.elliptic.co/our-thinking/bitcoin-money-laundering

[Ayush Singh 1175]

Money laundering is very much possible in Cryptocurrency no one knows the money recieved has came from whom and also its not easy to track so we can say that it is also a platform for money launders.

[Tine0313 3053]

Because of the transparency of transaction in crypto, you can see anything but cannot track the person and because of it money laundering possibly happens on it. 

[Brushless4500KV 4214]

Money laundering is done with all currencies but the easiest ways for scammers is to use cryptocurrency and paper money. They can send unlimited amounts of money by cryptocurrency without having any fear about being detected by authorities. This is exactly the problem that prevents crypto adoption in the world. The amount of money that was transferred can be seen but the sender and receiver are unknown. Paper money is also not traceable and is a traditional way for money laundering.

[Andrewg420 378]

Seeing as cryptocurrency is decentralized and not regulated by any type of government money laundering is easier than regular money, cryptocurrency isn't easy to track as privacy is even one of its features.

[Interface User 1070]

I think the anonymity of users is one of the case why money laundering is happening. Like the other said the bunch of income or money was send to the unknown wallet and not ordinary people can trace that.

[Afrizal rahman 2636]

Yes it is very possible. Because in the world of Crypto no one controls it, so it's free and we control it there. Yes back to the person again, how he uses. To the good or the bad.

[BTC Future 3946]

It is possible and it is happening but not in a very large scale as it the laundering banks are making.

There are trillions involved with laundering money that are located in bank accounts in Panama and Cayman Islands. 

This is banks work and if cryptocurrencies were used they wouldn't be able to launder such amounts.

[patitaycute 648]

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.

[kimberly24 692]

Yes it is very possible mate, that's why other countries are banning cryptocurrencies for this reasons. Some people are using cryptos as mode of payments and there is no tax in cryptocurrencies.

[alexisfuentes 2130]

Stay Calm, more laundering money traditional banking, Fiat money than in crypto, In fact, the concern of governments is that money Exchanged as result of crime is Exchanged in the world crypto.

A stupid objection to prevent its implementation, the establishment laundering more money every day.

 

[Romaan1987 601]

Money laundering is so much easy in crypto world. Thats why most of exchanges requires KYC verification. And also they have limits to withdraw or transfer of funds.