фото показано с : blokt.com

Cryptocurrency money laundering laws are proving to be effective as criminals are using only unregulated exchanges to siphon their money off. The CipherTrace Third Quarter Report shows that there is $927 million worth of stolen digital currencies waiting to be laundered in 2018. The reason behind the huge funds not being converted is antimoney laundering (AML) regulation compliance. Now, stolen cryptocurrencies are being sent only to unregulated exchanges, especially in countries with weak AML laws.

The report covers 45 million transactions between Jan. 2009 and Sept. 2018 on the top 20 crypto exchanges and identifies funds collected from dark markets, malware, money laundering sites, terrorist financing, extortion, and ransomware.

According to the research, nearly five percent of Bitcoins sent to unregulated exchanges are derived from criminal activity. The exchanges help in laundering a substantial amount of Bitcoin. The research estimates a total of 380,000 BTC has been laundered by unregulated platforms, which are valued at over $2.5 billion by current prices.

CEO of CipherTrace and Cochair of Cryptocurrency Working Group at APWG.org Dave Jevans commented on the research findings:

“This extensive research shows that regulation does have a direct correlation in hindering criminal activity, and we are on the right track to instill further trust in the crypto ecosystem. We will see the opportunities to launder cryptocurrencies greatly reduced in the coming 18 months as cryptocurrency AML regulations are rolled out globally.”

Governments around the world are working out new solutions to help make the crypto market more secure. US FinCEN recently suggested that crypto exchanges must be subjected to the Bank Secrecy Act, which brings the Internal Revenue Service into the mix. The European Commission, in its Fifth AML Directive, also focused on digital currencies and their impact on the European economies. Jevans noted that different countries are now competing to create more trusted regulations to become more attractive crypto hubs and help their economies grow.

The report covers all legislative changes and impositions of the AML regulations on crypto entities that have helped in safeguarding consumer interests. The report also shows that crypto thefts in the first three quarters of 2018 have almost touched the $1-billion mark. Sophisticated thieves are now launching smaller and more frequent cyberattacks to steal digital currencies. CipherTrace suggests that the $1-billion mark will be achieved by the end of the year, which will need to be laundered by thieves.

Unregulated Crypto Exchanges Handle 97% of Criminal Bitcoin Flow was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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