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.
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.
When it comes to cryptocurrencies, there are just heaps of viewpoints from the general public, some of which paint a terrible image of digital currencies, while others are stimulating. But it is difficult to start any crypto business without understanding what is true and what isn’t about digital currencies.