TTS 252 Prepperpalooza Part 1

8m
letstalkbitcoin

Coronavirus-Marred Markets Have Analysts Speculating Best Investment Reentry

8m
beincrypto

Charity Crypto Poker Tournament: Big-Stacking Sats for COVID-19

9m
cointelegraph

OKEx Announces New Product for Converting Small Balances into OKB

9m
cryptoglobe

Bobby Lee Calls For BTC to Reach All-Time High in 2020

1h
cointelegraph

Bitcoin Cash Halving in T-Minus 16 Hours, BSV to Follow

1h
cointelegraph

Canaan IPO Class Action: Shareholders Must Decide Who Will Represent Them By May

1h
cointelegraph

Jack Dorsey Donates 28% of His Wealth to Global COVID-19 Relief

2h
cointelegraph

Will the Coronavirus Lead to Innovation? » The Merkle News

2h
cryptonewmedia

Bitcoin Naysayer Jamie Dimon Praises $2 Trillion Stimulus While Predicting Great Recession

2h
cointelegraph

Bitcoin Tracks Stocks Up to $7.4K Before Sliding Back to $7.1K

2h
cryptonewmedia

Altcoins Mark Return Of Bullish Phase But Analyst Warns Bitcoin Risks Drop To $5,600

3h
zycrypto

BTC’s Price is Either Going to Zero or Seven Figures

3h
cryptonewmedia

Why Bitcoin Needs Over $400 Million Monthly Inflow For Price To Maintain $7,000

4h
zycrypto

Bitcoin Dives to $7,000 as S&P 500 Tumbles: Is This It for Crypto...

4h
newsbtc

Stock Rebound is Trap, Go Bitcoin Instead: Galaxy Digital CEO

4h
bitcoinist

CME Bitcoin Futures Volume Finally Upticks Since March Crash, Is Institutional Investment Flocking Back?

4h
coingape

Former Facebook Exec: BTC's Price is Either Going to Zero or Seven Figures

4h
cointelegraph

ETH/USD Nearly Tests Critical 177.39 Level: Sally Ho's Technical Analysis 7 April 2020 ETH

4h
cryptodaily

Peak “Fear” Crypto Market Shows Big Bitcoin Recovery is...

4h
newsbtc

Ethereum (ETH) Gains Momentum Ahead of ‘ETH 2.0’ Upgrade

4h
cryptocurrencynews

What Makes DeFi Decentralized? Rune Christensen on Centralized Collateral and Decentralizing Make

4h
cointelegraph

Russian Darknet Criminals Sell $13M of Fake Cash for Crypto

5h
cointelegraph

Silk Road Founder Shares Update from Prison Amidst COVID-19 Pandemic

5h
utoday

Bitcoin Flashes “Warning Signs” After Facing Grim Rejection at...

5h
newsbtc


Crypto Contributes to Money Laundering Problems in Latin America, Report

cointelegraph

1mon ago

Amid a major economic downturn, countries in Latin America (LATAM) are increasingly suffering from money laundering through cryptocurrencies, a new report says.

Cryptocurrencies like Bitcoin (BTC) have become a major tool of organized crime groups and hackers in LATAM countries, according to a Feb. 27 report issued by threat intelligence firm IntSights.

Titled “The Dark Side of Latin America,” the report claims that LATAM countries top the list of the world’s worst money laundering nations, while local crypto-related firms apparently lack Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

To issue the report, IntSights partnered with major global blockchain security firm CipherTrace and LATAM-focused cybersecurity startup Scitum.

According to the study, threat finance has been on the rise in LATAM countries as criminals in the region turn to cryptocurrency to launder large amounts of money. As part of the increased crypto-based money laundering in LATAM, criminals purportedly take advantage of insufficient KYC and AML regulation of local crypto services as well as global peer-to-peer (P2P) crypto exchange services like LocalBitcoins, the report notes.

Specifically, the IntSights’ data claims that the vast majority of world’s illicit crypto funds tend to end up in Latin American crypto exchanges. According to the report, LATAM-based exchanges are typically characterized with “extremely lax” regulations. The study reads:

“Researchers estimate that after cryptocurrencies have been cleaned on exchanges, 97 percent end up in countries that have extremely lax KYC/AML regulations, with Latin American economies topping the charts.”

As an example, IntSights cited a major money laundering case with Panama-based payment processing firm Crypto Capital, which involved at least $350 million. As reported by Cointelegraph, Crypto Capital’s president Ivan Manuel Molina Lee was arrested in October 2019, with enforcement authorities claiming that the seized $350 million was directly tied to money laundering for Colombian drug cartels using cryptocurrency. As reported, Crypto Capital allegedly managed to mislead Bitfinex, one of the world’s biggest Bitcoin exchanges.

However, lack of regulation on local crypto platforms is apparently not the only loophole for criminals in Latin America, IntSights emphasized. The firm outlined that popular Finland-based P2P platform LocalBitcoins saw record surge in transaction volumes across the region and especially in Venezuela and Argentina.

According to the research, P2P platforms like LocalBitcoins and Paxful are often associated with significant lack of regulations. The study reads:

“P2P exchangers typically lack AML programs and perform little or no KYC due diligence, which entices criminal actors to utilize P2P versus traditional cryptocurrency exchanges.”

In late January, LocalBitcoins was reportedly suspending user accounts in some countries with no warning, subsequently citing “enhanced due diligence process.”

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments