Bitcoin Forum

The people in Banking industry have long associated Bitcoins with money laundering, from calling it a bubble to linking it to terrorists money they did everything in their power to destroy bitcoins. Today it's been proved that money laundering happens due to banks, was happening before bitcoins came. Deutsche Bank has been raided for money laundering, and it's pertinent to note bankers from this bank had said bitcoins is used for money laundering. It proves that fiat money is and always will be used for money laundering, it's time to stop the witch hunt against bitcoins. #ItrustBitcoinsoverBank.

Link: https://www.newsbtc.com/2018/11/29/bitcoin-is-criminal-money-says-the-media-while-deutsche-bank-gets-raided-for-laundering/

yes it could happen anywhere; also everybody wants to cash out their money even after converting it into cryptos. This is just a way to stop people from buying bitcoin for their own personal gains.
Period.

aww! the banking system had started way, way ahead of bitcoin.  do i sense "bitter" here? i guess the effect is really shakening so they want to use this as an excuse.  i am not buying it.

Yes I also saw this on https://www.bbc.com/news/business-46382722 and I immediately thought of the same thing. They say people in glass houses should never throw stones and these Banks in their big glass buildings, should take note of that.

Bitcoin is a form of money and when people are connected with money or valuable items, some criminal elements find ways to misuse that money. Bitcoin cannot change these people or stop them from being criminals, just like Banks cannot stop these criminals from doing the same.

Blame the criminal, not the money.  :P

Now people don't care about the banks,only the person who laundered the money will get attention but why it differs when it comes to bitcoin?

The money laundering was in practice before the invention of bitcoin too so the problem is with the people not with bitcoin.

Yes money laundry started with the banks and will ever be in the banking sector. Moreso, bitcoin just came in compared to ages that the banks have been into existence and have been in this laundry of a thing. I can say categorically that money laundering is only done in the banks and not in cryptocurrency. #istandwithcryptocurrency.

The banking system was in place long before bitcoin was created and we have been experiencing most of the menace they are associating with bitcoin. We this is just a baseless critical attack on a fast rising bitcoin

I sincerely believe that no actual money laundering have happened using bitcoin. maybe some small amounts by some unaware people but nothing real and major. not because bitcoin is not anonymous and traceable. and not because of its volatility, and not because of the public blockchain..... but only because there are a lot of ways that are more convenient and easy and cost a lot less than using bitcoin.

Money laundering, underhanded and shady deals have all been very common even before the advent of bitcoin ten years ago. So, there is no way it could have started with Bitcoin or become easier with bitcoin.

This are the common misconceptions people have about Bitcoin and it's utility.

Transactions made in the blockchain are immutable and transparent, so it's very easy to trace the movement of assets to it's final destination. With the banks you'd need, approval and the documents could be distorted or redacted.

what banks have been doing only proves their fear towards bitcoin and also proves that bitcoin has been working more than fine in the past years that it could struck such a nerve and cause a mass panic among corrupted banksters who are the main target of bitcoin.

often the bitcoin as allegations of money laundering by a few persons. However, actual bitcoin bitcoin very useful, have a transparent transaction, in addition blockchain became the best means of media in developing technology with a range of ideas that is.

And it is still done by Banks
It is enough to watch last news about Deutsche Bank money laundering scandal
Bitcoin is to small and blockchain is to transparent for ML
ML is best banks source of incomes
Even if discovered penalty it is small compare to profit
Nobody is jailed for that
But better is to write about bitcoin ML than prevail true about banks fraud

Exactly, far before bitcoin was created there are alredy people money laundering using fiat, but media and some party try to create unnecessary fud news to focus on the negative side of bitcoin, it makes seems like bitcoin is criminal coin that was created for criminal usage, bitcoin or fiat is just the medium, people not supposed to judge bitcoin or fiat as the criminal things

No matter how hard we pin down the banks on this one, still they will insist that bitcoin is the evil and they are the angels sent from above to alleviate criminality and protect the people's financial interest and such. They are trying to instill in people's minds that bitcoin is an instrument created solely for money laundering and will not do any good without looking at their own faults. How many times have big banks been raided and been charged for being a platform for money laundering and such?  ::)

It is true that allegations against bitcoins must have affected the growth of crypto but it would not long last as the allegations are false. If these allegations had any weight, then the effect would be lasting and it would have been concerning for the investors.

I still believe that banks and bitcoin can exist and grow together.

many people said that bitcoin is the media that used for criminals send money, money laundring and anything else, in fact, that not true. there are many people that use the real money to do the criminals. not bitcoin and not cryptocurreny

Yes very important information because I heard a crucial word money laundering which is directly involved with bank and banking system. Before invention of bitcoin money laundering is a common word..

theft and robbers are no stranger to stealing money in banks and accounts and that has happened often since the first time my advice is to keep your account

Nah. There is a BIG DIFFERENCE.

BTC allows anyone to do money laundering. God I think even I made some money laundering without really looking for it (like a couple of 50$ transactions that weren't clean clean clean).

But banks only allow corporations, countries, governments... You see btc gives power to anyone while banks have the decency to just put above law the really important people. Not the useless common folk.  ;D

It seems to me you are missing the point, it is clear that whatever is happening in bitcoin that could be considered as something bad is happening in banks and in a much larger scale, what they are doing is to try to create a smoke screen so people do not adopt bitcoin and they are spreading all kind of lies to fulfill their goal, so for them this is not a contradiction they have known this from the beginning and they do not care.

Bitcoin is subject to such accusations, because with its help money has become much easier to launder. Money laundering has become available to everyone.

Yes, Money Laundering started with banks not bitcoins because banks came into existence before bitcoin so the money laundering in bitcoin by criminals started with the banks. No more no less.

I absolutely agree with you, but 316 million is way beyond what banks are really capable of. Given the current low marketcap, there is a case in which a group of banks is accused of an attempt to launder more than the total crypto market capitalization! It sounds unbelievable, I know, but this is not some low quality news, the forbes wrote about it a while ago: https://www.forbes.com/sites/francescoppola/2018/09/30/the-banks-that-helped-danske-bank-estonia-launder-russian-money/. These people got caught, but how many more did everything successfully? Blockchain allows to view transactions and the community is very diversified with no key holders of bitcoin being around. Banks are watching others not to launder money but the problem is that nobody's watching banks and preventing such schemes.

actually if you want to do money laundering you can do with bank and bitcoin too.in this world corruption is a thing that we cant not stop.so if anyone use bitcoin for money laundering he can use it but bitcoin is decentralized and a technology.

in my opinion the bank feels threatened by the existence of bitcoin, which in this case bitcoin wins in terms of transaction costs which are cheaper than banks. and also faster, of course. they don't know to trick ways to fight bitcoin

Bitcoin is a currency that seems to be competing with the banking sector/ fiat, reason why we have the ongoing war against BTC, this will keep happening for a while, until BTC become unstopable, Bitcoin is the answer to the cashless policy advocay, the world will be compel to accept it. Money Laundery has been ongoing for decades, before the existence of BTC.

if money laundering cannot be used in bitcoin because bitcoin is digital money, and it is not real. so we can't mess with bitcoin or fraud. because everything is set. but if money laundering is in the bank, it is undoubtedly true sometimes, because money in the bank is real and can be used by anyone.

I think that money laundering, and other criminal activities, simply can't be attributed to the currency that it is conducted on.

It's almost like blaming the US dollar, because it facilitates criminal activities. Obviously, that's true, but in no way is it the currency's fault that this is happening. Money laundering will happen regardless of what payment processor or mechanism is in place, and that's just the truth.

Thus, it's not fair to attribute money laundering to bitcoin. In fact, there are so many stringent regulations now surrounding bitcoin exchanges etc., yet people still talk about bitcoin being an underworld currency for some reason. It's an image that the media has painted, and is simply not true.

Money laundering even started before banks came to existence. I get highly disappointed when the media and people spread false speculations about Bitcoin and what people are using it for. These things tagged to bitcoin already existed before the creation of the earth...

the issue thrown by banks regarding money laundering and financing of terrorism is actually something that is irrelevant. all crime can occur anywhere, there is always a gap in the system to be misused. when they try to bring down bitcoin with the issue, banks should also know that their system has always been used as a crime. I think the crypto community and users are mature enough to deal with this, the difficult thing is the effort to provide new people with an understanding of crypto.

Of course, people who use bitcoin are not the people who pioneered money laundering. There is already money laundering way before 2009. And yes, there are bad people who actually use bitcoin. For example, the people at the dark web actually use this currency in order to gain money. Bad people use cryptocurrency does not mean cryptocurrency is bad. And by the way, this is not bitcoin vs banks. Banks and bitcoins are both important for us since bitcoin is not yet accepted by "all" of people. Cryptocurrency and fiat money are both different entities.

Before bitcoin and other cryptocurrencies come into existence, money laundering is already happening in some banks and this illegal activity are rampant in many part of the world. Fiat currencies are used in money laundering long before cryptocurrencies are created. The fiat is also used in ither illegal activities like drug trafficking, terrorism and others. When bitcoin was created and become popular, some people blame the coin for the rise of such illegal activities.

doing money laundering using bitcoin is one stupid way, because the movement of money in bitcoin can be detected easily by the authorities, using blockchain technology with a decentralized system, then the suspicious movement of money can be directly detected, so the reason for some countries is that bitcoin will become a means of washing the money is not true, so money laundering that occurs still uses conventional money through an international bank, which customer data cannot be known.

I think the Banks will place to Bitcoin and Cryptocurrencies in the eye of the hurricane. Because they know that Bitcoin has gained a lot of ground. But always the truth will come to light.

It is the criminal activities and this were happening before bitcoin so bitcoin is not the cause of money laundering i like to use crypto for payment of services many good promotions of many companies are possible through this market now you can use YouTube  and Facebook for advertising and you can pay in crypto now we have to collect more and more.

It is true money laundering started with banks not with Bitcoin,
We are already facing money laundering problem before Bitcoin started or before it was even created,
But Bitcoin made it a lot easier because of it's anonymity and word wide transactions.

It is a clear distraction for anyone to buy into the idea that bitcoin brought about money laundering. In the first instance, money laundering predates bitcoin. So, who was responsible for laundering when there was no bitcoin? Bitcoin is virtual money. It is recently that a few outlets accept bitcoin as payment for goods and services. That being the case, money still passes through channels to exchange to fiat which is used to financing terror or other things. Bitcoin is just a medium of transfer of money from one person to another.

Yes money laundering started with banks but you would agree with me that Bitcoin or rather the era of Cryptocurrency took it to an alarming level due to the anonymous structure of blockchain.

Interestingly some of these articles,first I trusted BTC cause all transactions were open very clearly.While the bank is always closed even by the authorities and its very clear that there is something that is hidden from us,all banks are very rich from taxes every month the delivery and receipt of FIAT is detrimental to us while BTC does't cost more.Money laundering often occurs in banks cause of its strict hiding.

Before bitcoin, there are money first. From all these money , powerful people can do anything what they want.  So there , money laundering get all started from the banks. Bitcoin just can easily trace back through internet , of what  and where it came the origin of  every transactions.  This kind of propaganda is just  trying to put down the potential of bitcoin. But bitcoin and users are  strong enough for any negative impressions against it.

Yes ofcourse it has been started with the banks, everyone know this but nowadays it can be forgotten. The bitcoin is not the worst and dangereous think in our lifes. It just helps the world to get better. With the blockchain system our tomorrows will be brighter. The banks can be evil not the BTC or cryptocurrency.

If you look deeper, you will be surprised to see how useful bitcoin and cryptocurrency is, even though this is in a bad scope, try looking at Deepweb, all transactions that are done there use crypto because of anonymity and also if using bank transactions it is easy for Interpol to tracking

in my opinion, yes it's so true that thieves should think of only money, so yes, automatically before bitcoin is stolen, surely the target for stolen is the bank, I think

I think it would be bad if not for the bitcoin to pour out, I would like you to understand that the banking system is not equal to multi-level system, and deep in future reforms. I think you should be glad if this happens and start from now on :(.

Imagine over 200 $ billion money laundering just by one bank, and this is not bank form some corrupt country since this is about Denmark. Or what about HSBC (https://www.marketwatch.com/story/netflix-documentary-re-examines-hsbcs-881-million-money-laundering-scandal-2018-02-21), one of the world largest bank which was the main bank for money laundering used by Columbian and Mexican drug cartels and financing of terrorism for years -and fact that the highest officials of the UK are deeply involved with this bank tells us on what level is money laundering in the world.


To say that BTC is used for money laundering sounds like a bad joke, trillions (https://www.unodc.org/unodc/en/money-laundering/globalization.html) of $ go dark with the services provided by banks.

Yes money laundering is directly involved with banks and banking systematic approach but not bitcoin and others online virtual currencies. I am sure bitcoin is free from money laundering.

And what people don't understand is that it will continue after bitcoin, everyone thinks bitcoin makes it easier, but as long as there is cash, there will still be money laundering, since cash is the most anonymous way to have money, it is practically untraceable, unless you put one of those detectors that banks use.

More illegal transactions are still done with cash instead of bitcoin.  It's stupid that this is one of the main arguments against bitcoin, that it is used for black market transactions.  You don't blame the gun for committing murder, you blame the person responsible.  It's too late for governments to ban bitcoin anyways and they would rather regulate it at this point.

I think we should set our mind not again to blame money institutions such as banks or blame cryptocurrency such as bitcoin because money laundering exist because the people behind it utilize banks or bitcoin for their own sake but indeed for those who hate bitcoin will blame bitcoin for money laundering cause and no wonder about that

I don't know why banks really want to eliminate bitcoin, even though the technology carried by bitcoin is technology that makes sense and can be accepted by someone, company and country

I can bet it even started long before formal banking began. We can trace it down to the cowrie era. That is the way with anything that can be exchanged. What differs is the expertise and technology that have gone into the money laundering thing now. The master thievery of those who launder money is something else.

Let's make it clear. The term money laundering is being abused by people who have little or no understanding of what it means. Every time we hear about it we think of criminals, drug and arms dealers, terrorists. Money laundering is in fact hiding the money flow from the watchful eye of the government. They'd like to know everything about your activities and when you're hiding, you're most likely laundering. This is how they see it and how we, crypto users, should not see it.
Let's face it, hiding the origin of money is in our best interest. It shouldn't be a crime!

Money was laundered always and everywhere and this does not mean that bitcoin was created for this ! According to statistics, bitcoin has minimal relation to criminal organizations !

they are only the government and they will not understand about Blockchain and how transparent the concepts offered by Blockchain technology are. money laundering has existed long before Bitcoin appeared, but why should Bitcoin be blamed, the government should be grateful for the emergence of Bitcoin with its blockchain technology...

I agreed with what you said because money laundering is not something that start this days, it something which have been happening right from the time when gold was used as money and for the government to say bitcoin help money laundering is just one of their excuse in other to control bitcoin. However, if bitcoin does help money laundering how did fish out those that used bitcoin for illegal activities and it because every transaction on the bitcoin network can still be monitor through the blockchain.

this is a world of competition, where all of them drop each other to be the best. maybe the bank wants the people to only trust them, namely the bank to keep using their currency and save it there so the bank wants to eliminate bitcoin. I think bitcoin is also prone to crime if that person doesn't know how to secure it.

Associating Money Laundering to bitcoin is not only misleading but very unfortunate. All over the world financial institutions; especially, commercial banks have been long known as agents that have in their usual quest to make huge profits facilitated money laundering and its related illegal activities.

The most hit by this scourge appears to be the countries in Africa were it is still difficult to track and limit this illegal activities of banks. As noted by the BBC (2018) via this link (https://www.bbc.com/news/world-africa-39695637); in February 2017 alone $9.2m as well as  £750,000 were discovered in a private property belonging to a former government agency director by the Nigerian Anti corruption agency.

Also, in March of same year, large sacks of bank notes were discovered, to the tone of an amount totaling  $155,000 were discovered in the city of Kaduna airport still in the same country.


The next month (April)  a stash containing $43.4m, £27,800 and 23.2m naira were found  in a Lagos apartment with its owner yet to be identified yet in the same country.
The BBC concluded noting that all these sums of laundered money were just a tip of the iceberg.
This is just for a country were majority of her population live below one dollar per day.

A common denominator among almost all nations in this cause is that the participants are mostly elites who in company of top managers in banks facilitate MONEY LAUNDERING.

In just a few years, bitcoin has enhanced transparency, rewarded descent hard-work and facilitated efficiency in promoting exchange. The banks are only scared that in a couple of years they may not be relevant, this informs their mission of misinformation regarding bitcoin.

Banks have been involved in money laundering long before crypto was even invented. Right now they launder more that bitcoin, because even if a bitcoin is laundered they will cash out at a bank anyway

The money was start in fiat and it produced by the banks and banks exist before the bitcoin so it means banks was who start money laundering not in bitcoin and I think bitcoin is not a money laundering you cannot borrow money ni bitcoin but you should buy and trade and invest you money for you to earn bitcoin.

thank you for the information, in my opinion, money laundering always happens in every currency, fiat or digital.

and that's part of a big threat that can affect the value of a currency, and can also harm everyone.

until today we cannot make preventive actions, except just making regulations.

I did not think there was a need to prove that Bitcoin was not  the source of money laundering as it existed way before Bitcoin. There will be money laundering as long as there is a financial system.

I think the money laundering will evolve from traditional way into digital way because from day by day, the technology grows and gives support too. But yes, money laundering started from the banks because the banks were the first financial system people used. We see and hear from many news about money laundering in many countries, and I guess that people who get involved in the money laundering will start to think about using bitcoin for another way to still doing money laundering ;D

Yeah money laundering already existed before Bitcoin was born. so it's very wrong to mention laundering is due to the existence of bitcoin. but I also admit that bitcoin is very supportive of being used for money laundering. but what starts off is certainly not bitcoin

I don't even know where and how that ideology came up that Bitcoin is used to launder money, involved in drug trafficking and terrorism funding - these are the claims of the governments and banks against Bitcoin. But the question is, were there no money laundering, drug trafficking and terrorism funding issues before the creation of Bitcoin?
Let's stay focus and keep promoting crypto, the governments have their own ulterior motive behind these claims.

       Terrorists are already exist long time ago before crypto currency was introduced and they always find a way to get their financial support and some of these are came from the bank , like this news pasting above .
        In some other cases that there are few banking institution are starting to accept crypto currency and wants to integrate to a traditional banking system , so it seems they absorb their own thought .

Yes, even long before bitcoin there was a problem that had occurred in the bank and again nowadays many elite people like the government do not support bitcoin, then how can bitcoin be used for these activities which basically they don't even use bitcoin.

Most of the money laundering around the world is going through banks and not through bitcoin so that is not true, if anything the only thing that bitcoin changed is that now what was a right of the powerful and the rich is now available to everyone thanks to bitcoin, at least now everyone is playing by the same rules instead of having a set of rules for the poor and another for the rich.

It is very funny anytime I hear story about crypto being used for money laundering. The fact still remain that most people that are always involve in money laundering are people who looted and still from public treasury. Many of this people have little or no knowledge about crypto and even if they do, only few of them will want to exchange fiat for crypto in order to launder. In my country politician who stole from public funds engage in money laundering by bribing to financial companies that help them convey the money to other banks. some of them even disguide in order to hide their identity in case they are caught.

People that stole huge amount of money are always not to patient in getting their money to another country by exchange it to crypto. For instance in Africa where cases of public fund looting is very common, for all the detected and reported cases, how many time have you heard that they conceal the money by changing it to crypto. All of them are always through banks and some other financial institution where they are being convey to another country. When you hear anything related to anonymity in crypto, the first thing that will come to your mind is ability to access things that you do not have access to before and this is exactly reason why so much people believe that crypto can be use for money laundering despite the fact that there has been little reported case compare to money laundering through banks.

It is kinda debatable to legalize crypto payments with matching incoming transactions vs the outgoing transactions. I hope governments will find their way to stop money laundering with traditional methods but the case is a bit different with cryprtocurrrncies. Crypto is the way of buying value like all other currencies. So no need to blame crypto community with weak arguments.

Money laundering is as old as taxes and crime. Why? because no one wants to pay tax, and if you are a crook you want to clean up your cash so  the authorities don't get hold of you.
The banks have been complicit in all manner of shady transactions so for them to slate Bitcoin for being used to launder money is frankly hilarious, but absolutely typical.   

Common public who doesn't have a proper knowledge about bitcoin easily accept the information that were spread around by the banking networks as well other financial institutions. It is easily understood that money laundering has been taking place long ago and just because bitcoin provides easy access it doesn't mean that bitcoin is the cause for money laundering.

Studies conducted by the Center for Sanctions and Illegal Financing of the Foundation for the Protection of Democratic States, which, after analyzing operations in Bitcoins conducted from 2013 to 2016, concluded that only 0.61% of trade operations during this period considered to be related to illegal activity.

This is one of our favorite subjects lately!

Criminal organizations that call themselves banks get to pay fines for their crimes!

The bank Trump and Hitler both use(d) was raided last week and has a ton of other criminal activity the last few years.

https://www.bestbitcoinbuyers.com/2018/11/29/hitler-and-trumps-bank-are-still-breaking-the-law/

The US Banks money laundering fines between Wells Fargo, JPMorgan, Citibank and Bank of America are billions the last decade.

https://www.bestbitcoinbuyers.com/2018/11/14/bitcoin-will-save-us-taxpayers-millions-wasted-investigating-and-regulating-the-banks-money-laundering-schemes/

I think that an equal amount of money is being washed from banks and Bitcoin as we all do it, people

yes don't forget banks the biggest player who makes money in this process

Banks have a system in monetary system and i think its very easy for banks to laundry money. Bitcoin give transparant transaction in bitcoin ledger because anybody can see the transaction and no body can control the transaction data. I am believe its hard to laundering money with bitcoin or cryptocurrency because the transaction very transparant

I agree with this statement, however there are also possible for bitcoin online transactions to be use as money laundering or against the law, also sindicates can also use bitcoin as buying for illegal things. But most probable way for money laundering are within the banks.

Whatever is used as means of 'money', it's used to launder money. Bitcoin is new and misunderstood, so people like to take hit on it.

yes it is true, before bitcoin there have been many crimes that have arisen. Bad people are to blame because the evil ones will always find a way to do the action. Even though the rules are made, security is doubled if bad people will find ways to do evil.

Well, money laundering is not only using bitcoin, you can use fiat currency to do money laundering too.
This is only a false accusation by some peoples who doesn't like using bitcoin and cryptocurrency.
and i think bitcoin is not a bubble because if it was, it would exploded already and never back to bubbling again, unlike bitcoin.

this is a great new. thank you for your sharing

well, bitcoin is always used as an excuse for money laundering. however, many people don't realize that before there was bitcoin, money laundering was also often done. besides that there are still many methods that are carried out for money laundering. well, but I don't know, that has become a common thing.

 I am agree with you. Laundering is not started in cryptocurrency. Because cryptocurrecy is started recently and before it start laundering is widespread. Before they invented a virtual money they first use fiat. Well, I think Bitcoin can use in money laundering is because we can earn a money from it. People can use it as a tool to do some illegal activities freely.

money laundring is activity to hide the origin of fund via many transaction, so they think if that money from legal activition. yes, people start laundring their money from bank, impossible when they transfer much money via person to person, bank is the best media to do it. as time go by, bitcoin more popular and your information is secure, so bitcoin can be media to laundring their money. you can said that bank start it, but it can said that bitcoin make it easy

Money laundering have been happening long before cryptocurrencies are created. These money involves dollar and other well known currencies in the world and it is yse mostly by drug cartels, terrorists and other criminals. Cryptocurrencies like bitcoin are the latest target of some money launderers because its transactions is said to be anynomous. But the money launderers might also face a problem with its high volatility and rapid price fluctuations.

Before starting bitcoin journey money laundering was a common phenomenon in banking systems.why people Mark money laundering in bitcoin instead of banks.

In General, scammers have always existed in all spheres of human life. In addition, it has long been known that bankers launder money and practically make money out of thin air. We can also assume which way this happens. Do not worry about the bad opinion of some people about bitcoin, because this is quite an expected phenomenon. People are afraid of what they do not know, so it is easier for them to find a reason not to communicate with the cryptocurrency than to study the market and move along with progress.

That is a myth, bitcoin is not misunderstood those that are very powerful know very well what it means that bitcoin becomes powerful, they will lose control of the economy and they do not want that, so they are making an effort of spreading lies about this new coin which they know could be tell about fiat as well, but they do not care, because people are naive enough to believe them.

Banks from the past until now are still a favorite place for criminals to save their money, because the bank closed the eyes of where the money came from. The bank always calculates with profit. While bitcoin emerged 10 years ago, where users were still small compared to bank users, so many money laundering players kept their money in the bank.