Bitcoin Money Laundering & Crypto Cyber Crimes Cases Are Increasing, How To Protect Yourself


An Increase in Money Laundering Seen Within Cryptocurrency Space

More and more reports associating illegal activities with cryptocurrencies have been making headlines, as criminals seem to be getting away with money laundering. According to the claims made, money laundering in Europe has reached a high of 4%, which is equivalent to $5 billion in revenue.

It is not to say that money laundering is only possible through cryptocurrencies, as such activities have been taking place through other traditional, financial means, however, the recent outbreak was made within the digital currency market.

Money that has been laundered through cryptocurrencies amounts to about 0.3%, which was specifically done through cryptocurrency exchanges. This shows that criminals are more interested in immediate conversions, as opposed to holding them.

The year 2016, is said to be the year for criminals, as six out of ten cases have dealt with illegally obtained Bitcoins that were laundered through its respective exchanges. Some of the industries that criminals seem to target include that of the gambling and mixing services, as it gives them the opportunity to exit the market at ease.

As for global money laundering statistics, it appears that North America makes up approximately 5% of this illegal activity followed by Asia, with as little as 1.2%. The drastic differences in involvement is also influenced by the regulations in place, as the Asian market is known for implementing severe regulations. Another problem that arises is the percent of money laundering that goes untraced. In particular, it is believed that about 37% of the laundering that occurs happens in “unknown jurisdictions”.

One might argue that referring to the 2016 statistics might seem unreasonable, however, the number of criminals hidden within the crypto space continues to increase. The notion of money laundering is one of the main reasons why many countries are turning down cryptocurrency, hence this is definitely a problem that needs to be dealt with. Otherwise, criminals will build upon their stance by focusing on more private and secure coins.

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