Laundering

Governments are doing everything they can to combat money laundering (ML) and crimes related to cryptocurrencies. The UAE police have planned to use Artificial Intelligence (AI) and Blockchain to track crypto money laundering and prevent other types of crimes related to digital currencies.

The former US Treasury Criminal Investigator, Greg Monahan has joined the world's largest cryptocurrency exchange Binance to oversee the company's global money laundering operations.

Since the UK began hunting money launderers, British police have managed to seize over $408 million (£294 million) worth of illegal cryptocurrencies. This shows that the general situation with money laundering using cryptocurrencies in the United Kingdom is alarming.

Ever since the first cryptocurrency, Bitcoin, was invented, cases of money laundering have been on a high rise almost every year. Now, China and India are battling with money laundering cases that are a threat to their economy and the finance industry at large.

The Russian body Rosfinmonitoring responsible for preventing anti-money laundering will start monitoring cryptocurrency-to-fiat transactions happening in the country.

For long, there has been a misconception and false narrative surrounding the community of Bitcoin’s or any other cryptocurrency’s role in illicit operations.

After the news that fraudsters use Binance to launder stolen cryptocurrency funds, the exchange decided to take action to stop such activity. They have established a strong cybersecurity alliance.

Hackers use Binance cryptocurrency exchange to launder stolen money. As per the report by the federal Bureau of Investigation (FBI), a principal federal law enforcement agency, ransomware dubbed Ryuk has been used since its creation in 2018 to steal cryptocurrency worth $61 million.

Ukrainian cryptocurrency market is under-regulated and therefore attractive for those wishing to take advantage of it for criminal purposes. Recently, law enforcers exposed a gang that has laundered about $42 million using cryptocurrency.