How is money laundering possible in crypto?

[Zaino34 0]

Unfortunately my friend there are many people who use encryption illegally and badly and this has had a great impact on the reputation of cryptocurrencies and many people thought that cryptocurrencies are bad

[pablomarwan 3082]

This is one of the fabricated charges in order to make the decision not to deal in digital currencies. As one of the methods that terrorists use to launder their money, that is by converting bitcoin or the currency they own into money and extracting it without checking with them, but these methods have been discovered and some procedures have been imposed for this process.

[Rezort 846]

It is already confirmed that cryptocurrency is the easiest way in the world to launder dirty money, and of course we cannot do anything with that, but usually news sites talk only about this side of crypto.

[Nezar 7169]

It is a decentralized currency that is decentralized and difficult to control and cannot be controlled by anyone. Therefore, many people use currencies other than all illegal matters. These things are done through dark websites.

[koussai999 1986]

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 my friend, unfortunately there are many countries that criminalize dealing in cryptocurrencies and prosecute people that deal with cryptocurrencies, but I believe that cryptocurrencies will be stronger than these countries

[Kamila 291]

I think this is possible with a simple transfer of money to dollars/euros via mixers and their subsequent withdrawal via ATMs..

[Magnom 0]

Who wants to do illegal actions, so he won't wait to use cryptocurrencies! Most of cryptocurrencies users just use these currencies because of the fast transactions and low fees.. We should be aware and use this cryptocurrencies project in the right way!

[AmjadBydn 0]

We have to use the cryptocurrency in the right way ! to make this project  better ! so we have to know how to use it ! I think most of people are using it to make good profits 

[Whited35 15285]

On 4/16/2020 at 2:56 PM, Raqeebzy said:

Money laundering as mostly seen in cryptocurrency by fraudsters is through offers. They offer very high deals to their victims and eventually dupe them. Another way is through cyber attacks. 

As the highly encrypted technology exhibited by the blockchain technology for the cryptocurrencies, black marketers and corrupted have been finding crypto world as the heaven to hide their money plus personal information. In this ways, criminals are using cryptocurrencies for the money laundering purpose.  

[Zues 1069]

On 4/19/2020 at 6:08 AM, pablomarwan said:

This is one of the fabricated charges in order to make the decision not to deal in digital currencies. As one of the methods that terrorists use to launder their money, that is by converting bitcoin or the currency they own into money and extracting it without checking with them, but these methods have been discovered and some procedures have been imposed for this process.

Yes I think that you are right and I think that it is the disadvantage of cryptocurrency as a decentralized system because no one is controlling it so no one will be responsible if something bad happens and I think that cryptocurrency is being used in illegal terms

[Mohssine 1725]

Yes maybe this is possible you can start with this money a project in cryptocurrency or you can like mining or trading and the and withdraw the profit like a Legal money, i think this is good idea , this if your country support cryptocurrency.

[Tine0313 3053]

On 1/5/2020 at 3:17 PM, 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.

I think money laundering is easy to do with Cryptocurrency because it is decentralized and no one can track the Cryptocurrency.  No one controls the Cryptocurrency so it is more easier than fiat currency to do money laundering.

[Zalaks007 543]

I think it is very possible because is a decentralized currency which means it can hardly be tracked when send and also know the actually person who sent it.

[CryptoLover21 0]

Money laundering is the illegal process of making large amounts of money generated by the criminal activities. As the crypto is not controlled by any body they can use where ever they want to do. Money laundering will only stop if there will be the strong rules and regulation.

[Omar Ommeish 4872]

I think this is difficult but it is possible for the hacker to steal many wallets and send the money to themselves illegally.

[Whited35 15285]

12 hours ago, CryptoLover21 said:

Money laundering will only stop if there will be the strong rules and regulation.

This is preventative measure. The main factor which is responsible for criminals to be involved in money laundering activities by using crypto is, it does not exhibit any sort of personal information. Only transactions details and wallet balance will be visible if traced. 

[Trader21 1199]

With improving technology bad habits has been also improved and no exaggeration to say that laundering money is just easier in crypto-world than you expected. 

[Soaib khan 1035]

On 2/18/2020 at 6:57 AM, Gg233 said:

It will depend on how they used crypto other company or individual and they will take advantage of that as you can see many Ponzi scam that using crypto to scam.

but I don't know the exact details how money laundering possible in cryptocurrency but as far as I know this is possible because cryptocurrency has anonymity none knows who sends or receive money from whom 

[hasan007 206]

Its possible, its not good idea to use crytpo for money laundering but few people are doing this. I think that's the main reason why the banks are not adopting this system. But most of the are not doing the same thing, we also discourage to do this things. Its very harmful or the country's economy.   

[khan22 3478]

Money laundering is possible in the crypto market becasue no one know that in the crypto market who send the payment and also who received the payment and this is true and also all the crypto transaction is same, but if the crypto is legal than the governments make a system in which they can get the details of the person to complete the KYC of their account.

[Moaz 7239]

Unfortunately, some bad people use bitcoin and other cryptocurrencies in money laundering, such as illegal activities such as drug trafficking and others, because bitcoin is a decentralized currency that is far from the banks ’control and whose users cannot be identified.

[Naylor89 1223]

Cryptocurrency is very hands on in so many ways. I can imagine that anyone can use cryptocurrency for whatever purposes whether it is legal or illegal. No one can stop it. Even they can really use it through in black market. we know cases of selling drugs with cryptocurrency can not be known by law enforcement. Although cases of money laundering and selling drugs there is a little different but there are similarities there.

[Guru2050 8284]

As matter of fact, it's possible there are some people who used the system in extra legal way. Because of it's decentralized nature and anonymity these are  the exceptional features that differentiate it from local currency

[Ndayebo8 0]

Due to current situation lots of people are using crypto that days so the chances more possible for use it illegally by the people, so due to use illegal so people easy move crypto money

[Cryptonym 54]

On 1/5/2020 at 3:17 PM, 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 not a hard thing to do especially when it comes to crypto currency since there are no one holding and making the crypto currency secured. But we should really be a responsible user so that we can help the crypto currency to get improved.