Bitcoin Forum

Some say that you cant claim or transfer your bitcoin to a bank because they will suspect you of laundering.

So if youre using Bitcoin, youre basically a laundering and a criminal ???

I just want to understand if its any different or just similar. Thank you

Scare tactics by bank and government. Bitcoin is the nuclear weapon to existing financial system. We are getting a lot of services to use bitcoin like fiat money. By the end of 2018, this will happen in most of the liberal world. Banks can shove their fiat.

I want to hodl until the day we don't have to change back to fiat, where I can buy everything I want directly with crypto.

I am not afraid I will be suspected of doing money laundry, because I am only a small player and my income from bitcoin is still normal for income in my country  ;D

If you dont have more than 10 bitcoins then why are you worried about laundering? Maybe you dont even have 20 thousand dollars and you are worried about how to withdraw those funds.
Obviously that they can start to suspect about you, but bitcoin is legal, and if you tell them that you are earning money through them they will just put you a little taxes (just like they always do) but you are not going to go jail, i dont know why some people say that you can go to hell just by holding some bitcoins, it just makes no sense.

I think it depends on the amount, and on country of operation. Cash is also anonymous and may be used for money laundering, although for small amounts. You may look at verification requirements and corresponding withdrawal limits at exchanges. Small amount do not raise suspicion.

Worry about it if/when it happens. I’ve never declared a dime to the tax man when I’ve sold bitcoin. Even if you do get caught the fine will be nothing near how much you’ve actually laundered ;)

It depends upon the country in which you live.If you are in japan,then you need not have to worry about holding bitcoins as it is legalized there.You would be just charged tax for that and you will not be treated as a criminal.But if you live in countries like bangladesh,equador where bitcoin is illegal,then you will be charged with a money laundering case.Unless you live in such bitcoin banned countries,you have nothing to worry about.Just pay the taxes once bitcoin gets legalized regulated in your country.

In many countries exchanging bitcoin or accepting/paying bitcoin for goods is legal and if you are not spending lots of bitcoin everyday there or not exchanging millions of $ worth of bitcoin at very short period of time than you will not be charged for money laundering. Its quite hard to find out the source of your bitcoin so government might just flag all of your bitcoin being involved with some criminal activity. This is one of the reason why many underdeveloped country still consider bitcoin as illegal assets.

Yup! all of the provided answers are all correct, and banks are definitely against Bitcoin, I don't think bitcoin as a laundering scheme but it can definitely use by some people or criminals for their own laundering scheme, that is why the banks doesn't allow you in using bitcoin for transaction, but even if there are banks that are against bitcoin in our country there are banks that let's you withdraw your bitcoin converting it to fiat,

if you transfer cash in your bank you have a higher chance of being busted for laundering money that when you do it with bitcoin. with bitcoin at least there is a very clear trace and nobody can say otherwise because the transactions are out there for everyone to see!
you can not hide when using bitcoin but you can hide when using cash.

of course if you transfer $100,000 worth of bitcoin in your bank account every day, then you raise red flags!

In my country, bitcoin was denied, you cannot pay bay bitcoin

Most of the banks are not even accepting bitcoin to their services. No Bitcoin is not laundering. Bitcoin is a crypto currency.

NO, there are no reasons to be a criminal while using Bitcoin. Except if you're in a country that bans bitcoin.

When will it be?? I think still long time later. But good also to hold bitcoin since the price is higher.
If we talk about chrime in bitcoin, i just thinking why bitcoin is always related to bad thing by some people? I think bank also scare if bitcoin exist and replaced their exist.

What Op has mentioned happens with the user who doesn't have a good understanding about bitcoin as well the technology behind it. Can't deny that it is not used for laundering, but not every user does it. Also banks doesn't have a separate eye over them that they are laundering through bitcoin.

It seems like some of the posts in this thread are basically beating around the bush, and missing the most obvious point:

Any form of payment can be used to launder money... You can use cash to launder money, you can buy diamonds, gold, silver with illgotten gains to launder your money, you can launder your money by using online bank accounts in the cayman isles, you can buy prepaid cards with stolen money to launder your loot,...

Bitcoin isn't the problem, in most country's bitcoin isn't illegal... It's the act of laundering money that's illegal, it doesn't matter which medium you used to do this illegal act, be it bitcoin, cash, gold, silver or online banks...

So, if you ARE in fact laundering money, you will always have somthing to fear... If you are not laundering money, and you're not living in a country where bitcoin is illegal (and preferably a country with a working juridical system), you have nothing to fear... Sure, they can look into your transactions, but if you did nothing wrong, the worst thing that can happen is that your governement invades your privacy.... for me that's a big deal, but it will certainly not get you thrown into jail.

why did they transfer bitcoins to a bank, I don't think banks will accept bitcoins

Yes, unfortunately it's true. Banks are very suspicious of include people who work with bitcoin.

It's only laundering when you are getting your bitcoins from illegal transactions like offering false transactions just to get possesion of others bitcoin or money and things. Well regardless this are just false accusations made by some in order to promote bad image of bitcoin to the public. There are some country who are not even intervening in the transaction of bitcoin but are imposing some regulations in order to prevent illegal transactions.

it depends on a lot of factors.
what country you are in and if you can opt to pay tax
on your lodgements. but all this has been mentioned above.

I think it will potentially get more difficult to transfer
crypto into FIAT in to future.

maybe that will be part of the crypto future . . .
not having to use FIAT at all?

I think it's all wrong, because not all bitcoin transactions are laundering, it could be just normal deals in general.
#CMIIW

A lot of laundering transaction are did through Monero, a true anonymous blockchain. In Bitcoin everything is public so it's not too suitable for this kind of activity.

Laundering money is a criminal activity, that is obvious that if you launder, you are a criminal automatically.

In our country, the banks do not really accepts bitcoin but we must use an exchanger to convert bitcoin into fiat and then the exchanger will be doing the transaction to our desired bank.

Also, if transferring bitcoin into a bank is laundering, I think there will be a lot of people who will not be using bitcoin.

If you have bought Bitcoin very early and have a lot of money right now, it definitely would look suspicious for the government. But it's scare tactics at the same time as well. Even when people have bank accounts and all that, it is still not impossible to launder money. It's the aspect of anonymity which makes governments and other similar establishments that belong to the system panic.

There are many ways to convert BTC in fiat,you can use BTC ATM if available or buy/sell through LocalBitcoins.Also you can use many services which offer Visa/MasterCard so just trensfer your BTC and it is converted in fiat when you pay/withdraw with card.

Depending on the country in which you live you may pay some tax or not,I do not see why government would consider you as criminal.But if your tax office ask you from where money is coming surely you should have a good explanation.

Money laundering is existed much before the invention of BTC,and some of the BTC features create negative connotations about it,but this will probably change with time.

BTC is no Laundering. People are laundering money long before BTC born. BTC is no Laundering, Drug or Ransome money. Just some people use BTC as the medium.

This is absurd, how can this even be called laundering, is the money for which we can't show, here we buy using our bank funds, Legit transactions and sell them, laundering is when people use shady means to transfer their unaccounted money and that's bad, it's actually sad that bitcoin is associated with laundring it's not even true, there is not even one single proof, but just a strategy by the centralized bankers to spoil the name of Bitcoin.

I guess some will surely suspect you if you transfer, for example, a million dollar into your bank account and you don't have any stable source of income. That will leave them thinking where are you getting this big amount of money.

I think if you are suspected because of this situation, it is better if you can give them some proofs that can clean you out of their suspicions. And not all of transaction of bitcoin into the bank will always mean laundering.

They are literally scared of this giant that's taking over the world and they are losing on us with their traditional banking system which is why they don't want it to sustain longer and are using cheap techniques in order to make you stop using it, either voluntarily or forcefully.


Obviously not. If you were, why countries like Japan and South Korea have gone all in on this by giving green signal to it?
Governments that say that using Bitcoins is clearly money laundering, don't really understand the meaning of what "laundering" is termed as.
If you show them how you obtained it and if it is legally obtained, none of those freaking puppets could exterminate anything of you.
Just remember, if Bitcoin comes into your country's tax slab, you need to pay it or you may come under their radar.

Really? without a proper evidence they concluded that you are a money launderer because you've transfer some decent amount of bitcoin? I heard some banks are accepting bitcoin but to accuse as a criminal just by using it is just a FUD, if your btc source is legitimate and they are looking for it then nothing to fear about it.

But if you are living in a country where using it strictly banned then you will legally prosecuted based on the law that is implemented by the Government but central banks will not gonna let you transact to them with btc so that's not the case.

I don't want to think in that way but I am afraid it is being used for laundering money. I cannot say that is majority of the crypto market but considerably big part transactions are happening between gigantic parties who are laundering. Do I have any objective evidence to say that? no! But as I'm reading price graphs almost for 20 years, when I see the graph I can understand what is going on behind.

It's not laundering, it's totally legal and legitimate. You can signup at Coinbase for example, and withdraw the money to your bank there.

You can launder your money with Bitcoin. USD, KRW, Gold. Doesn't matter.

No, you can't transfer bitcoin to a bank because there is no bank accepting bitcoin.
We already have a thread about it that is running for a year or so and nobody has found yet a bank that is accepting bitcoin and I doubt this won't hit the news the moment it happens.

If you're talking about exchanging your coins and having fiat transferred to you account I don't see the problem.
You can go to whatever kind of IRS your country has, fill the forms declare the profit made and you can rest at ease.There are people who have chased millions with no problems whatsoever.


Neteller is not a bank!!!!.

What? You want to transfer your bitcoin to a bank? How you do that? Does tha bank has official bitcoin address? LOL
The only way to transfer to bank is by selling your bitcoin to fiat using your local exchange, then transfer it to a bank
About laundering, it depends where you got your money from ;D

the opinions of people are different, because all the people in this world are not the same, and I think for money laundering or whatever the problem that I think it is not true, why, because we are not here smells or embezzled money from where to move into account our bank, we can here as an employee, we work for ICO2 existing and what we can get paid.

I don't think that is a problem at all to send bitcoin to a bank or anything like that. Bitcoin is such a method of payment, It's not for criminal activity or anything similar. The proof that there is a lot of banks accept bitcoin and exchange it instantly to any local currencies, for exemple Neteller bank, i use this bank since a long time, and i didn't have any problem at all.

This is not true besides I always transfer my bitcoin to my bank account and convert it there whenever I need to use them and I don't find this difficult to transact. Banks support bitcoin and I don't think they will think it's from laundering there are maybe some people in the government who uses bitcoin on their illegal activities but they cannot control all bitcoin in the circulation

It really makes me laugh that it's the banking system painting Bitcoin as money laundering when banks have been and still are the greatest thieves since money was invented!  ;D

If my bank tells me that Bitcoin is money laundering I will laugh at them and ask them to close my account immediately.

Why are you thinking that users of bitcoin is a criminal. You can become a violator of the act of money laundering if you are guilty to transfer big amount of money without any legal basis from where did you get that amount of money.

As per Wikipedia:


If you got your coins legitimately then you are not money laundering. Of course, nothing is stopping central banks of accusing you of it if you are moving lots of bitcoins. You just have to prove that the source is legal.

Now there are few systems that support bitcoins, but behind the crypto-currencies the future. Some popular companies already officially support them. Soon the banks will have to accept it.

Even bitcoin has arrived, well in the last year since it has attracted a lot of people, Banks are already very strict about AML law. It will started as we all know about terrorist or drug cartels transferring huge amount of money around. But I don't believed that in your argument that if you are in bitcoin, we are all criminals. Banks will just ask so many questions and if you can answer them straight then I don't see any problems here. If you are afraid that you will be a suspect then why not break down your bitcoin transaction is small parts so that there will be no red flags.

just dont mind them and your own worth.. they say any words because they dont know howand what bitcoin works is
maybe yess it can besed in money laundering but that isn't the way to accuse anyone like that...
bitcoin have value so many people will get that and try to do that hehehehehehe thats why some people always think bitcoin is a bad in the eye

Bitcoin is legal in many countries if you want to convert bitcoin to fiat you just have to pay the taxes as per the riles from your government.Maybe they can suspect you but you can give the details about the bitcoin growth and from that your investments gives high profits.They can't take any action if you paid the taxes.
But i wanna say something why you need to convert that much big amount of money because if you keep it as bitcoin it will give more profits in the future.Someday will come at that day we can use bitcoins directly as a mode of payment no need to worry about the taxes is better to hold it as bitcoins.

who cares about bank when you can put your bitcoins in a xapo debit card

I think you just swap it on the exchange does not need to go through the bank. I do not care what they say, basically bitcoin has many benefits and positive things on my personal life.

Some people are using bitcoin for criminal activities and to launder money (which is a crime btw.) but bitcoin is not criminal currency and not everyone is involved in that. Banks know that but some banks have negative exepriences with money laundering and maybe they have introduced some internal rules to monitor transactions connected with bitcoins but this is not a general rule and that doesn't necessary mean that you will have some consequences.

No that's not true and we should never generalize in any matters. The government might have their eyes on people who are involved in bitcoins but mostly they are looking for suspicious individuals. You will only be suspected of money laundering if for example you transact with a suspiciously huge amount of btc. That will be a red flag and then when they conduct an investigation and they found out that you have no financial capabilities, no documents to support the legality of your transactions that's when you will be suspected of laundering. And we have to remember that money laundering isn't isolated in btc but in any fiat as well. So let's not jump to a conclusion that if you are using btc you will be automatically guilty of money laundering.

How is transferring cash to my bank account not labeled as laundering when I don't tell the banks where it came from? Also, would the banks even know that I got my money from bitcoins when I deposit it? I think not, all they even care about is receiving money in their storages and nothing else. Last thing is you cannot deposit your bitcoin directly in the bank, so definitely they won't even know.

I like the way you are thinking about holding your bitcoins until such a time in the future. I must admit i know fiat will always be around. It is nice to know that i may some day walk into walmart and pay in pure bitcoin and not have to relly on third party debit cards.

Why others changing their bitcoins to huge amount of money in one transaction. this is why money laundering act is more prone to bitcoin users. Getting huge amount of money without a legal papers is crime so better consult for a lawyer before for legal basis before transferring huge amount of money. 

If you earn Bitcoin legally and using Bitcoin for legal things, you are not a crime. Don't worry.

Laundering is used if the moeny is used for illeag activites, it is true that bitcoin provide its users with complete anonomys transactions, and the banks and goverments and banks can not track the flow of the bitcoin, and this created the perfect way for criminals to do their illeagal activities, so if you are not using the bitcoin for the wrong purpouses it is not considerd laundring, and laundering is not made just by bitcoin it could be used by any other mean, like gambling or investing in stock market.

Governments and banks to make all bitcoin associated with criminal activity. The only people who are far from bitcoin can believe such nonsense. The most interesting is that never there are no concrete examples of what criminals used bitcoin. It's all part of the information war with bitcoin which was organized by banks. They understand that every user of bitcoin they will have one customer less.

It not like how you think about bitcoin. Firstly gold was used to launder money from one place to another. Bitcoin itself is not legalized but have great potential as well as have its own value. Due to its anonymity its used worldwide for transactions.

Nope! You can sure shot provide the proofs of trading or any related business that you do. The question arises from the bank or income tax offices only if you are not filing your taxes on time and every time! So before they ask you any question you just fill up the income tax and be in the green zone. What they need is just proof that this money was earned by you and you grown it into more profits by trading or may be just by increased market cap just like the share holder. There are many things which are manageable and if you do it in legal way then nobody os having dare to touch your assets.

bitcoin doesn't mean money laundering but it can be used easily to buy illegal stuff.
There was a nice documentary about italian mafia buying piece of art like painting, statue and old relics; in this way it's considered laundering but associate straight BTC to laundering it's stupid, it doesn't work like this and like for any currency, depends how you use it.

First, for money laundering at first it is necessary to become the owner of large number of the traditional money earned with criminal methods. Money laundering implies concealment of sources of cash assets. And if you earned traditional currency by legal method, then you have nothing to be afraid. You will be able always to prove it. Secondly, the bitcoin is already legalized in some countries. For example in Japan and Australia. These are the advanced countries with advanced economy and the strict legislation. And in these countries the government doesn't consider cryptocurrency as means of laundering of criminal money.

dont think so its money laundry. bitcoin even make for minimize the fraud. just gain a lot profit doest mean its money laundering.

For those holding the view that bitcoin is laundering, then they are either not well informed or decide to stick to ignorance. The question you want to ask is that politicians and people of high value net worth would not even need to pass through the bank to launder money. They would carry the raw cash in their private jets and move it wherever they wanted to take it to. To the drug lords, they don't even have the time to start buying bitcoin in bit because buying at once will also mean using the bank they would prefer to use their normal route of moving funds in and out. Its because of the fear of silent law that's why a lot are skeptical about using the bank.

Money laundering is an actual thing, not just an opinion. If you launder money through Bitcoin then you are laundering. Just like if you launder money through anything then you are laundering. Bitcoin itself is not laundering, that statement is nonsensical. Anyone who would say such a thing is just trying to scare people, which means they are most likely a banker or part of a government that is afraid of Bitcoin's power, or they are just an idiot who is just mindlessly spouting off the last negative news clip they saw about Bitcoin.

I do not think so, if bitcoin = money laundering then saving and investment in the bank can be said as money laundering. There is no basis that bitcoin is laundering.

No not in any world are you committing a crime if you are earning some bitcoins. Most of the countries have no laws regarding bitcoin as a currency. But you have to make sure just one thing that do pay tax upon your earned btc when you transfer it to your bank I think rest of it is almost fine.

Lets not put in our mind that bitcoin is always subject to money laundering but How about traditional money? whats the difference there's nothing wrong with it? Only people with bad motives creates negative impression about cryptos. Besides you can only get redflag from banks if your account is suspicious and involves millions of amount.

It's not so...BTC transaction does not mean you are doing money laundering. No doubt, BTC made money laundering easier but that does not mean everyone who is BTC user is a criminal.
Even cash is an anonymous entity, till now criminals are using it for money laundering. But cash user are not money launders.
So BTC is not = Laundering.

You definetly can do laundery with bitcoins, but there are always people who can say bad words about great stuffs. So it doesn't matter

The banks and the government are just trying to scare you.  They just want to take your money.  They want taxes and fees and such.  Honestly bitcoin is not anything to do with laundering other than the fact that it's more easy to do laundering with than fiatt most likely.  Hopefully they stop doing thesee stupid scare tatics.

Transferring or converting your Bitcoin to Fiat currency via bank deposit won't make you be suspected of money laundering or something they won't even know in the first place that the one you are depositing came from Bitcoin as the third party involve is the one who will deposit fiat currency into your bank account. Also I don't think in our present day that we associate Bitcoin in criminal activities because as of right now it is commonly associated to being an "investment" for people.

By this rationale....

If you use the Dollar, you're basically a money laundering criminal.

If you use the Yen, you're basically a money laundering criminal

If you use the Euro, you're basically a money laundering criminal.


Frankly, if people can launder Bitcoin, than Bitcoin is officially money, currency...that's great for all of us.

only fools continue to buy BTC, its too late, BTC is now clearly a ponzi scheme..

That's a wrong idea. There are governments in several countries that are working with virtual currencies, and many shopping sites are also planning to pay for virtual coins, which is a trend, and people who enter earlier will have more advantages.

yes maybe , but BTC price is to much high to be a legal asset and realist , 7000$ is just unbeliavable ...

Bitcoin is not money laundering -- it is a cryptocurrency which is another type of currency --
It is ignorant and uninformed to say that bitcoin = money laundering because it obviously is not that..

While not everyone has adopted its use yet - it soon will come and then it will be mainstream and accepted worldwide.. just wait..

smh.

If you pay taxes on your bitcoin, which legally means you have to sell it off for USD. You are not a criminal. Until you sell they can't tax it. This is the same with capital gains and stocks.

If you use it to hide your illegal activities. Then yes you are a criminal.

Money laundering can turn out to be a reason of concern for those who have its huge amount .
I have no fear of being suspected for money laundering as i don't have much of it and i also don't use it in unethical practices . Unethical practices used in the darkweb gives a alot of benefit to those people and they might get caught for money laundering .                                                                     

Completely true. Some people refuse to pay their taxes even when they gain huge profits which classifies them as money launderers. Bitcoin was meant to provide a decentralized means of money exchange which got corrupted thanks to many scammers and hackers out there. The dark web is filled with people looking to launder money using bitcoin in different ways. Pay your taxes as responsible citizens people.

No, that is totally incorrect assumption of working of Bitcoin. There are many wallets leaving Bitcoin that works on the same function where you cannot transfer back you credit after being sent and it acts a layer of security. Bitcoin is considered for Laundering and criminal activities because one cannot track the owner of the wallet from the address, it gives anonymous position to the wallet holder. Whereas , in other wallets one can easily know the user from its centralized data base.

I think you can defend yourself if someone accused you for money laundering because here in the web we have what we call transactions IDs, communication history and digital signature. If you cannot explain where your income from bitcoin most probably you guilty of that accusation. And regarding the tax evasion using bitcoin, I think its is possible by not declaring it and converting only small amount of money from your bitcoin savings so that no one will notice it.

You can withdraw a certain amount on a bank card and remain unchallenged. The amount depends on the country)

Bitcoin = Laundering is not true. But we can't deny that being anonymous in transaction, it is the easiest way to launder the money. Even it was found that bitcoin quite much in use in dark-web transactions for buying and selling unethical items (mostly drugs).
It all depend...how we use this amazing technology for good or bad. Most of the bitcoin users are not bad or criminals. Only a small percentage is involved in bad things...but that happens in fiat also. You can't really stop the EVIL.

Bitcoin is a currency that has its operations control by blockchain. Every transaction with blockchain is transparent and that's actually what create fork for bitcoin. So, it has little or zero tolerance for scam, laundering or criminal acts.

No, it isn't really transparent. Yes, all transaction are recorded in the bockchani but the concerned is the identity of the person using this bitcoin because it is totally anonymous. We can't certainly ignore that bitcoin can be used in a form of laundering and possibilities that it can be used as a payment for any criminal activities.

Nobody would be blame on this or any elegal activities happen by using this digital currency(bitcoin) since there real identity is hidden. Only the recorded transactions is a proof but it won't give the whole infor because we don't know where it came from and where it goes.

I have no doubts that bitcoin is used as way of laundering in everywhere but we should know that we have a blockchain where all the transactions are recorded and keep there until forever! THe hard thing it's to track back where the money is coming from and where the money is going to. Here in my country there are a few people who is being investigated for using bitcoins to hide and laundering money. Some of them are even on prison, and now they are trying to localize their bitcoins accounts.

A launderer is of course a criminal. But it does not automatically follow that a Bitcoin user or investor is a launderer. Neither does it follow that a Bitcoin user or investor is a criminal. However, with the features characterizing Bitcoin such as anonymity and decentralization, it is very much a tool for launderers to easily store and withdraw money. But banks are of course not going to accept Bitcoin and vice versa because they are like cats and dogs. You have to go through fiat first.

I agree, there is no way bank can do that. Bitcoin is a currency like any other, only that it's decentralized. It also depends on the countries. Some are pretty rough with crypto most are cool.

what are you telling to me, Bitcoin is not laundering if you have a proff of where the funds come you don't have nothing to fear. yeah Bitcoin can be used to launder money but you can also do laundering with fiat

Laundering is one of the tactics the banks is using to tarnish the image of bitcoin which had been gaining  increasing global recognition, the banks sees bitcoin as a major treat to their existence and are always devising a way by which it can involve the government to ban the use of bitcoin.
Before  bitcoin came into existence other money transfers had also being used to laundered money I don't see any reason to linked  bitcoin with laundering.

Yes it can apply to all bitcoin users who has a big amount of bitcoin. That act  is implemented to control the the people who carries and making transaction with huge amount of money without any legal basis. This is why dont in cash your bitcoin in one transaction with a huge value this will cause you losing all your money and go to jail at the same time.

it is getting much more difficult to launder money with BTC..
not so many anonymous ways to buy or sell.. BTCe stock was of this kind, but it was busted for supporting money laundering - a clear signal from feds!
for sure there are still a lot small semi-official exchange points in different countries and p2p exchange services - but it BTC is constantly getting less and less anonymous.

I have never cashed out any relevant amounts of bitcoin, only very small amounts and always through localbitcoins, not even $1000 worth. Im not sure what would happen if I cashed out a pretty big amount directly in my bank account. I can say that I am scared of the bank stealing all of my money, freezing my account because they claim the precedence is "dubious" when it's just me cashing my bitcoins. I have seen problems of this nature in the past and I don't want to be the idiot that gets his bitcoin basically stolen by state.

I don't want to avoid any taxes and launder any money, but I don't want to be the guinea pig of anyone, so I will keep holding my bitcoin and will keep studying how the hell this works. I would like to contact financial advisors but the problem is that they don't know anything about bitcoin.

I think im just going to hold very long term, by the time I cash out any relevant amounts I guess everything is clear in how to proceed and not a big grey area like it is now.

Lack of understanding of technology basics.
And one needs to buy BTC first in order launder it further, which is not so easy in case of large sums, exchanges asks for legitimate papers and id.

I think the original purpose of the currency is not for the sake of money laundering, but in order to finance and financial management, just a lot of illegal ACTS in order to make money to money laundering, not only because of the currency to money laundering think the currency is not so good.

Lol... many people believe that, and some government base on that phenomenon to banned bitcoin from their people's payment. But I personally think, everything has its own aspects, maybe they banned bitcoin because afraid of "laundering" but there are also have many benefits when you use bitcoin.

Maybe for some people doing money laundering with bitcoin, but it needs to be thought over and over again. Due to the fluctuating bitcoin price will cause people to lose money easily, especially if the bitcoin price drops.

Just because you have bought a copper membership (I guess?) and have an extra something under your name, Doesn't give you the right to break the English language here :D I'm not perfect myself but I'm not full of myself like some people :D Chip monkeys you should be careful, Because last time we provided detailed information about laundering and mixing, Poor bitmixer got caught and many of us here lost our free coin earning opportunities.

There'll will be processes before the bank can accuse you of laundering. There's KYC policy. You're innocent until proven guilty. So don't worry the banks were just scared because the day will come that we'll totally don't need them anymore.

Let me answer you per question.

1) You can convert your Bitcoin to fiat online then lawfully withdraw the same in any of your local banks. Withdrawing it does not need any ATM because the process would only involve a password that will be given to you upon conversion.

2) Using Bitcoin is not tantamount to doing criminal acts like that of money laundering. - These are two different topics that deserve different categorical explanations. Using Bitcoin per se may be legal or illegal depending on your State laws. Money laundering, on the other hand, is a crime per se. Both originate from different grounds. Also, both may be a form of a criminal activity depending on how your respective government treat each of them.

These days, earning with Bitcoin doesn't equal doing illegal things. People used to associate Bitcoin with illegal activity some time ago but it has changed. Now, many people are investing in cryptocurrencies, mostly in mining which by some people is said to be one of the most profitable methods. In my opinion, investing directly in Bitcoin is more profitable.

People don't use bitcoin for illegal activities any more? !!!! How do you know that? !!! No one can control it.
Bitcoin is a decentralized currency and buyers and sellers cannot be tracked. So there is no guarantee that no illegal activity will be done.

You know what my government does with tax money anyway? You don't want to know. People should give their tax money to charity before the government use it for corruption or to buy themselves faster cars and better holidays because they actually do, do that here. Now someone wants to tell you that you are a criminal even if you don't pay tax only because that person is corrupt and needs your money for their next holiday and not to repair the road or help people. You can launder money in so many different ways you don't need Bitcoin to do it. Infact it would be a bad idea to just do it with Bitcoin if you talking very dirty money. Even with Bitcoin how will you launder 1000btc? That large amount is easy to follow and trace. Oh and remember you first need to be under the radar for them to watch you like this. Big screen TVs and a new yet relatively within reach car will not make anyone come knocking but a new sorts car or massive extensions n your house will. Same with Bitcoin. It makes no difference what media of currency you use.  Bitcoin is just newer and less is known about it that is all.

i think we are not doing a laundering and a criminal if we don't do it. we are using bitcoin by buying and selling for positive purpose which is to make money and i think its not a crime. and if we want to transfer from bitcoin into money, we can use third party service to help us to send the money to our bank account and if the third party is clean, then i am sure that the bank will agree. i am often using third party service to help me withdraw some bitcoin.

yes but now they keep informations about you ID's to send to the police if needed 

Few people for sure are using bitcoin for money laundering + buy drugs on the dark web. It's still a small part as few people use USD to buy drugs or finance an illicit operation...Should we ban USD as well?

usd is a legit money , they are rules and reglementation. bitcoin is a hidden money

Bitcoin might got used for laundering activities or have been a very useful payment method for criminals around the world , but with bitcoin's evolution and massive spread out awareness to people about this new technology , lots of companies and websites are accepting bitcoin payment such as bit pay . And so on you won't even have to transfer your money to any bank and no one will be able to accuse you of anything and we can consider that as secrecy exigence no as laundering !. Bitcoin is all about freedom and that's why it got developed , to not depend anymore of traditional banking systems and be their slave and no one has the right to accuse you based on what you usage you opt for your coins .

It all depends on where you live and for what purpose
do you use bitcoins.
or do you pay taxes on those bitcoins?
But overall I guess it is easy to launder money through
bitcoin as there is no proof of tracing it back to you.

It will a big help for the entire world if the bitcoin will enter in laundering business. It will help other people to start their new chapter of their life. On the other hand the bitcoin will also benefit in this type of idea, the thing is you company should consider the five C’s (Character, Capacity, Capital, Condition and Collateral) before they grant a credit to its clients. Even the individual or institutions recognized these criteria to determine if the debtor is qualify to enter in this type of transaction.

This clearly isnt correct, at least across the board. if you have a bitcoin debit card, its an ach instrument. of course it has to go through a bank.

first off, there is no reason why the bank needs to know that an incoming fiat payment is even associated with BTC. there is no need to indicate this if they do not ask. but if they do, dont lie; that could actually get you in trouble depending on what country you are in. but if they give you shit, get a new bank. in the States at least ( i dont kow where you hail from) unless the bitcoin is actually illicit, there cannot be a presumption of thus.

just use localbitcoins man  :D

This is something that becomes a reality, Bitcoin is often said as a way to do money laundring. because of the anonymous nature of Bitcoin that makes many criminals commit illegal acts with Bitcoin. But many also use Bitcoin to perform positive actions, I think those who do negative actions by taking advantage of Bitcoin is a thing that is not commendable. they have made a bad stigma against Bitcoin and this should be regulated by a regulation, maybe the regulation can be set at the exchange rate. so when we do withdraw then there must be a protocol that obeyed.

if in my opinion can also be a money laundering place for people who have the intentions of crime, in my opinion all access that can make money there must be a positive side and the negative side live people who do and access the bitcoin was the initial intention for what

Bitcoin didn't mean that it is being used for money laundering because not all the bitcoin users are using bitcoin for money laundering because most of the people are just using bitcoin for money transfer and as a source of income which is very common benefits of bitcoin. So i don't think that bitcoin is just for laundering.

Yes, bitcoin does have the function of money laundering, but this is not his main function. Many countries define Bitcoin as a money laundering tool, which is obviously unreasonable and wrong.

It's certainly much easier to do it with it around, but at this point there's other crypto currencies that can get the task done even better.

I'm pretty sure that you can't hold your bitcoin until that day. We're far away from the day where we can use bitcoin alone with all our transactions even with small ones. I honestly don't think that it would also be possible that fiat money will be useless in the future. It would just be better that these two types of currencies will coincide with each other.

Maybe bitcoin used other people who was laundering using bitcoin, are even criminal activities by using bitcoin. We just don't know because it not traceable their transaction by our government so they want using bitcoin illegal activities.
But how to become money laudering some people bitcoin used as their extra income for daily needs not to be suspicious by using bitcoin into money launderers.,

It always amuses me when the big banks use these scare tactics around things they don't like. JP Morgan a long standing hater of Bitcoin saying it is only used for criminal activities such as money laundering was recently found guilty of money laundering. They can't control it so spread FUD!

Money Laundering is the best main reason for banning Bitcoin is some Countries i think.
Because Bitcoin is most famous digital currency at present world.
Criminal always try to use Bitcoin it's one kind of money laundering i think.

Money laundering is a criminal act punishable by law. It is the transfer of large amount of money that is obtained from illegal proceeds. If you have no big amount and have no illegal activities either, why bother to worry then.

but they start to control it by controlling Exchanges! the solution is only trust able exchanges

I'm totally with you on this... for now. But we can't always say that same income we would get if we continue on this forum, our pay could be bigger and before you know it, you'll be covered in the range of money laundering. I cant really be sure if we'll always be small players, seeing bitcoins rise, my current bitcoin (which is still not in range of money laundering) might triple or quadruple in the coming days.

This is a little bit different, you can transfer BTC back to FIAT after paying some fees or taxes, depending on where you are. I can see GOV starts watching closer cryptocurrency because it was used in past for criminal activity for sure. That why exchanges require now full ID verification before you can withdraw your money. If you sell bitcoin for FIAT bank will accept it as long as this transfers are looking legit - not 100K $ each transfer three times a day.

Bitcoin is using for many things same like money, so yes it can be used by criminals too, but I think the biggest problem we have is when someone takes the server down with your bitcoins inside and disappear that why with cryptocurrency you must always extra careful and follow rules - hardware wallet, cold storage, never leave founds on exchange after trading etc.

It depends on the country, if government declares that bitcoin is not legal currency in their country and you are continuing to used and earn with it i think that is the instances that you will laundering money and if you caught you will be punish as criminal.

Here in my country digital currency is supported by our government that is why we are free to used bitcoin and transact in the bank, withdrawal and deposit has no problem using bank, of course there is a law like amla that you should follow to avoid problem in your fund.

Now the formation and legalization of the crypto currency in the world is still taking place, but in each state it occurs in different ways. Indeed, some banks are now afraid to take bitkoyn so that they are not suspected of contributing to the laundering of dirty money. After some time, a more or less normal single position and a crypto currency will be worked out, I hope, will be accepted in most banks of the world.

I don't know if there is any conventional bank that accepts bitcoin, you can't transfer bitcoin to a bank.
The only think to do is; sell bitcoin through exchanges and withdraw to your bank account.
But remember, there's a regulation that prevents someone transacts more than $10,000 or $20,000 at once in a day.
Better to withdraw less than $1000 in a day, unless you need to withdraw more than $5000, there are some documents to submit in order to avoid money laundering.

It depends on your country live. In country which bitcoins was illegally, when do you move much Btc amount to convert in fiat via bank transfer, your government will monitoring it.
You will have good reason where you money from and what you do with it, if your gain profit from bitcoin by doing trading or buying much bitcoin then selling at high price, you can pay the taxes for it. I will not worried about it.

Yeah it seems very reasonable to keep records of all the transaction. I mean we can easily show up our wallet ID's and all the hidden bitcoin or crypto currency by accessing the wallet with private keys. Then we can show up the whole transaction history to tax department as and when demanded with ease. Also, it is always great to file the taxes of our earnings and this will minimise the risk of getting caught by the regulatory bodies. So there is no question about our guilty accusation.


The laundering thing will come when you will withdraw like more than 2-3 bitcoins each month and such instant banks may be ask you question regarding where from the money is coming. I mean it depend completely on country to country and there is no way we can surely state who will ask what. So better be ready always before we can make it bad situation. :-)

I'm also not afraid of laundering because I didn't get my money to a bad way, bitcoin is also a job for people who doesn't accepted by a company he/she apply for jobs he/she wants. and even they want to react about my money income because they don't know where I get it, I just let them curious of that thing.

bitcoin legal in my country, so there is no problem with it, but maybe the bank will be suspicious if you withdraw money too big in one withdraw from bitcoin.

The point is that this market after all the years of progress is still vulnerable to fud, and unfortunately, as long as that is the case, we'll be seeing all sorts of entities use it to get this market to fall down. It's the people here that for once need to man up and know what they are investing in. If you take fud for granted, it obviously means that you haven't got a clue about what Bitcoin is, and how its features are an important aspect to obtain that what governments and banks can't give you. It wasn't all that long ago where even the mainstream media was reporting about Bitcoin as it being a tool for criminals, but that luckily is almost gone. Instead of the average joes taking that nonsense for granted, they now are jumping into Bitcoin like there is no tomorrow.

I guess the same JP Morgan has already proven that you do not need bitcoin before laundering money since it was so easy for them to break the Swiss money laundering rules after all.

These guys would say anything just to make naive people lose out and only if they could know that these same set of people who they keep listening to, have been stealing from them all these while. The funniest part is that most of them do not have a single clue what they are saying, while it pains a whole lot of them that they missed out joining the train earlier.

Bitcoin is fully decentralize. So body tracking no body control even the Government. we can not find out and track  sender and receiver information when a complete a transaction by bitcoin. so when we send any money of other country thats time their have any information about this transaction for that reason coming Money Laundering Issue. For This reason some country govt banned bitcoin for their country. Bitcoin use means is not a you are criminal, If you are not use bitcoin any criminal act.      

The banks and the administration are quite recently attempting to panic you. They simply need to take your cash. They need duties and expenses and such. Truly bitcoin is nothing to do with washing other than the way that it's more simple to do washing with than fiatt undoubtedly. Ideally they quit doing thesee inept frighten tatics.

It's a completely illegitimate claim and 100% scare tactic.

Bitcoin is laundering just the same as any foreign currency is laundering, its not, its just a currency, treat it the same as gold, silver or physical cash.

First, suspicion of money laundering will arise only if you cash out large amounts from bitcoin profits. Second, authorities can prosecute you but for a judge to condemn you for money laundering, they have to prove that you have actually done it. Finally, tax evasion is limited, in my country it is four years, so If you didn’t declare profits from bitcoin 5 years ago, you can’t be condemned for that nowadays because it’s prescribed.

I would say this is similar in most developed countries.

there's a certain amount that you can transfer to your account. if you, for instance, have 2 bitcoins, where 1 bitcoin is approximately 10,653.53 usd on kraken, and if you're from my country, 10k usd is like a half a million in my local currency. you can't move that amount into your account unless your account has been receiving large sums in the past. but if you suddenly receive that large an amount, bank authorities  and the anti money laundering council will be alerted by the transfer. you'll be notified and likely, interviewed.

each country's laundering council are probably following transfer thresholds and if you breach that threshold, prepare for a call or a visit or something to that effect.

the trick then is to not move large amounts that your account is not accustomed to receive. keep your bitcoins and cash out only an amount that you need. you can use coins.ph if we're kababayans where you can convert to our local currency within the app. send to your bank account certain amounts so you're still in control of your finances without having the anti-money laundering council and the people for internal revenue chasing after your fortune.

Bitcoin is illegal in those countries,The country has launched Laundering dispute with Bitcoin.Bitcoin is illegal in the Asian continent and it has started laundering in this country.Because banks of these countries do not support Bitcoin.And do not system of Bitcoin banking, the law of laundering has been introduced.

Laundering by short definition is producing money and making it look like you have earned it in a legal way. Some of the greatest examples are creating a legit business but the sales produce are doctored by you which make you illegally earned money look legal.

On to the issue of opening a bank account by means of earning through Bitcoin it would really raise some flags to them especially when you are opening a bank account in countries with strict laws. The best alternative for that is for you to transact via 3rd party buyer/seller where they are the ones depositing the money into your normal account.

It's bitcoins main feature is that there's no limit to how much you can transfer bitcoins that's why it sounds like laundering. For what it's worth, you're actually sending bitcoins and not money so it cannot be associated with money laundering. They're just scaring people off.

Very likely, we all know that bitcoin is anonymous, nobody knows who owns bitcoin so bitcoin becomes a haven for corruptors to save their money to bitcoin. with issues like this it's time for wallet providers to verify users.

Hahaha NO. Don't you know back in 2013 all big banks in every country essentially waged war on Bitcoin?

Bitcoin has been banned all over the world by all big banks in nearly all countries since 2013 (for over 4-years) and the banks have completely failed at stopping Bitcoin's growth. At a bank, just try to do a bank transaction say its for "Bitcoin" and watch your transaction be blocked for review.

BUT Everyone in all countries are still finding a way to get Bitcoins. They simply never say "Bitcoin" when dealing with banks. People are smart.

Notice how Bitcoin has for years successfully defeated all opposition?

Nothing can stop Bitcoin as it reached escape velocity back in 2013.  What do you think everyone's been doing for the past 4 years??

Today we are probably 1% adopted in the world.
Wait until we are closer to 3% adoption in the world.

Once we hit 4% adoption in the world, then Bitcoin = mainstream.

Let that sink in.

Very strange opinion that bitcoin contributes to money laundering. The dollar and other currencies are more used in the shadow segment. I think after a while the government will approve the cryptocurrency and then we will see it in the banks.

Where did you get this information from? I have been using various banks all over Europe without any problems. It's totally legal to transfer money to and from exchanges to your personal bank account and most of those exchanges are registered businesses with words like Bitcoin and Cryptocurrency in the description. I haven't had a single transfer blocked by a bank and I don't expect it to happen in the near future, since no countries are against it. It's an investment like any other. There are known scam companies registered all around the world, fake charities and such, and you can send them money whenever you like. Nobody will block you.

The term laundering is just being used to dissuade people from using it. Sure, there are probably people who use it to launder their money, but these people also probably use cell phones, drive cars, and wear jeans also so are the authorities trying to ban these items too?

The good old greenback is used more often that anything else for illegal activity so if they want to ban things used in crimes they should start with that. BTW, in some big cities the laundry detergent tide is used to launder money, so not only it being ironic, they probably better ban that too.

I agree. seems that they are justlinking bitcoin to this in order to make some bad reputations, as many people are now getting aware about crypto and
the big chance of getting much larger income in terms of investment, they just wanted to avoid full support coming from most peoples fiat, for sure if
we can all showed them the true value of bitcoin they will not treat this like this but love it as an opportunity to have a better life.

They are afraid of bitcoin so they label anyone that uses it as criminals.

Maybe I missed something but is there any bank accepting bitcoin deposits? The banks surely will use money laundering as an excusation why they don't accept bitcoin deposits, but this is of course nonsense as you can show to the bank from where you have the bitcoin. And if you acquired them legally with legal money, then there is no problem at all. The banks have anyway to follow AML laws and check everything if your deposit exceeds a certain amount.

Bitcoin is not the best way to launder money, even today, cash still the King. Although Bitcoin has been on the news with cases such as Silk Road and other sites, the problem or the peculiarities that criminals doesn´t like, is that Bitcoin Works on privacy basis, but not anonymous, for instance, all transactions are encrypted, but the private key is not anonymous, you could trace each transaction down the block chain and identify the parties involved.

Bitcoin is not a money laundering, but a futures investment for a profit. it's just slanted news.

Though bitcoins are banned in some countries and if you don't live in those countries than you shouldn't consider yourself to be a part of laundering...

For some people yes , but for the main crowd it is hype and a new way to earn money, not doing anything :)

nice try... next

Well, people launder money with their own fiat currency. Why would it be different with bitcoin. Even with gold, actives or cars you can do money laundering. If governments are starting to ban cryptos they also should ban fiat currency.

In fact, Bitcoin is being used so badly that corrupt organizations and businesses use Bitcoin to clean up their money because of its high security, without disclosing the trader's personal information. So Bitcoin is now facing a lot of negative news.

Saying bitcoin itself is money laundering is no different than saying a painting or a bar of gold is money laundering. Can it be used for that? Sure, just like any item of value that may not be traceable to a named individual. It isn't inherently money laundering though.

The same can be said for privacy coins--even though they are specifically designed to obfuscate / disconnect the sender and receiver of a transaction, it doesn't mean that using it is equivalent to money laundering. It could be, if you gained the initial money illegally and are using the cryptocurrency as a way of making that money appear to be legitimately obtained. Someone who makes a legitimate purchase with legitimately obtained money isn't "laundering" the money just because they make a confidential / private transaction--which is done a variety of ways with any fiat currency by the way.

I would think about it like this--if you made the transaction without the obfuscation of the person's identity or the traceability of funds, would any laws have been broken due to the source of the funds (e.g., organized crime) or the purpose and receiver of the transaction (e.g., a bribe)? If the answer is yes and you are using cryptocurrency to cover your tracks, then that is money laundering. If the answer is no, then no amount of cycling through cryptocurrency conversions will make it money laundering.

Bitcoin is not actually the reason of money laundering. Bitcoin is just used for business and for earning money with hardwork and strategies. If you're using bitcoin, This is not a good reason to accuse you as a Criminal and doing money laundering. Bitcoin is just a cryptocurrency used to earn money and to gain profits and not for money laundering. Even fiats, can cause of money laundering but all the people who are using fiats are not accused as criminals and laundering money. That's the logic.

If somebody said like that, i think they just want to scare people to not using bitcoin.
I think the bank is also scare with bitcoin existing. I dont know what the reason why people say that bitcoin is laundering.

I can not agree that the role of beatcoin is played by laundering, what kind of crime is also present, but not as it was before. ;)

Not true you are a criminal if you are hiding other BTC somewhere else and or are trying to avoid paying taxes on the BTC you have gained. Other than this if you cashout BTC to your bank they should honor it and not freeze your account (obviously depends on your jurisdiction)

There are banks that are starting to close some accounts that has cryptocurrency transactions,so just to be safe do not tell them what you really are.
But it doesnt mean you are a criminal owning some bitcoins.

 I dont really think we can be called criminals already.  Its just suspicion,  thats why no ones really filing a case against bitcoin users yet.  And in our country, invovlement in crypto is not illigal,  so I cant really say im a criminal.

Yeas I agree,  I think silence is better.  These banks are actually afraid bitcoin will defeat them in many ways so as much as they can,  they will find ways to stop bitcoin from spreading,  one is by scaring clients by closing accounts elated to bitcoin.

there is nothing to worry about because every country is different in its rules.
if indeed banks and governments in your country consider bitcoin as a money laundering tool and you are prohibited. until now I have never heard with a reliable source of bitcoin users in prison.
so continue your investment because it is just a news that can not be believed.

my personal opinion, they should not have negative thinking for users bitcoin because not everyone in this world is bad people there are still many good people in this world that make money the right way.

Indeed using bitcoin criminals can easily perform financial transactions.This might be a bank or Government worried.

bitcoin is a technological innovation that benefits many people, very pity if it gets a bad nickname.

In my country, I've heard of some problems which arose in some banks who won't let people open accounts if it were found to be that their initial income came from bitcoin. This may be just a rumor, but it's true that when you have been funding huge amounts of money, you may be questioned or investigated for money laundering. The thing about bitcoin transactions is that it concerns huge amounts and this may raise skeptics or red flags for the authorities.

Of course it does not necessarily equate that bitcoin = money laundering. It may be used as a method for such, but this does not define bitcoin as a whole.

Some people opinon will not change that bitcoin is real investment and most people know that.
Bitcoin can not be sent to bank because bank not accept bitcoin.

Hi bro, i've never transferred bitcoin to an ATM. Because before i transfer it to an ATM, i always exchange it first in the wallet online, and after everything is exchanged with fiat money. Then, i do it transfer to the nearest ATM account.

there has been some issues with banks not just for the laundering per se but also due to some scams that people have used due to the popularity of cryptocurrencies in some countries. Which as it may they are making bitcoin a front to scam people.

We cannot deny that money laundering is no longer happening with bitcoin. But it happens very rarely, because when an user needs to cash it out, in one or other way user needs to make use of the bank where the respective transaction gets noted. So, money laundering is possible to some extent.

It is one of the bitcoin's disadvantages the criminal actions made by some people and the made the other people so doubtful about bitcoins. That is also the reason why government are slightly against with it not only it lowered the use of fiat currency but thanks god im just a low ptofiled bitcoin user so less of being accused by laundering.

I don't think that bitcoin is the same as laundering because I am sure that there are many people which using bitcoin for a good reason and they want to make money for their life. although I realize that in out there, the chance for people to use bitcoin for laundering is wide open especially they can buy bitcoin from the money and keep all the money in bitcoin. I think they want to delete their track record so the government cannot catch them.

Unfortunately Bitcoins reputation is tainted with criminal activities such as money laundering and you know how the media always highlights those negative news about Bitcoins instead of helping Bitcoin achieve mainstream by reporting not only the negative news but also the positive ones. Here in my country, there were reports that there's a Bank that refused a client to open a new account because the client declared source of funds is through Bitcoin trading and other online opportunities that is paid using Bitcoins. 

A Swiss bank says it will offer its clients a cryptocurrency wealth management processes that are compliant KYC laws and anti-money laundering regulations: Crypto Wealth Management Service Launched By Falcon Private Bank (https://bitrazzi.com/crypto-wealth-management-service-launched-falcon-private-bank/) - it is already gaining the support of the government, considering that the arrangement between the private bank and the cryptocurrency exchange saw the approval of Swiss regulatory bodies.

What you will do by understanding our thoughts in first place if bank itself is considering that it is laundering and criminal act! Well, in the virtual world it is not the laundering and in the reality also it is as white business as forex or something bigger than that.

When we invest into bitcoin or any other crypto currency then the money which we invest is used for the basic development of the project and then what ever products and services are developed from our funds is used to generate the revenue in complete white way.

What ever we get in return is just our reward and nothing else. So I believe that its completely ok to invest.

These all rumors are spread by bitcoin competitors in the market just to bring down the graph of bitcoin popularity, nothing else. The best thing we can do is to turn deaf ears to these illogical claims. Bitcoin is a great victory of common people and I don’t think so people will lose their interest in bitcoin.

As far as banks are concerned, they are nothing as compared to bitcoin. Bitcoin provides better services than banks.

I don't know why you have this in mind, I hold the COINS, but I'm also a legal citizen, I'm just holding the currency as a way of investment, I don't think this is money laundering

Bitcoin is a blockchain-based "digital currency" that attracts a large number of fans because of its decentralization (not depending on a government) and its anonymity - and because of these characteristics , Frequently used by criminals.