Bitcoin Forum

Which currencies are suitable for money laundering?

For example, dirty transactions, I don’t want to be known by others about what I bought and how much money I spent, and I can’t track it.

Can you recommend some currencies and exchanges that do not require KYC? At present, I only know that Monero is highly anonymous,

I'm going to assume you're not some low-life PoS(not proof of stake) that's just planning on getting away with stolen money.

1. Physical cash
2. Monero (obviously)
3. Bitcoin, when you use mixers or coinjoin platforms, and assuming you don't mess up your coin control[1]

As for exchanges, use no-KYC peer-to-peer exchanges such as Bisq[2], HodlHodl[3], and LocalCryptos[4].

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[1] https://nopara73.medium.com/coin-control-is-must-learn-if-you-care-about-your-privacy-in-bitcoin-33b9a5f224a2
[2] https://bisq.network/
[3] https://hodlhodl.com/
[4] https://localcryptos.com/

This question quite scary. Any crypto can be used om money laundering. It can be called like that if you can explain your funds when someone centralized (bank) ask you where you grt the fund and you cant give them such proof of employment or earnings from a business. Theres a lot doing money laundering and too bad crypto has been by some people especially those hackers and scammers.

Nobody is fully anonymous on the internet. If they want to find you, they will find you.

Almost all exchanges require KYC. Monero is anonymous but your IP is not. You can use a VPN but they can ask your information from the VPN company.

Don't do silly things on the internet.

I don't want to used to term money laundering, but if you wanted to hide your tracks then you can used BTC, but used mixer and other tumbling services out there.

Monero is another one, you can look at other privacy coins that will provide anonymity in your transactions + Tor.

I know about Monero that is anonymous and except that i didn't have much information, you can search about them in other websites but talking about the Monero in which your IP is not anonymous, just like other currencies they can find you easily, which is an effective step for them.

When you use crypto, you hide your details such as name, address, etc., and in the transaction, people could only see the transaction you made. You can use bitcoin, monero, ethereum, or others but that is about how you can use all of the coins for your benefit. For example, you can send A coin to another wallet, and in that wallet, you convert it into other coins and send it to the other wallet or even exchanges like what @mk4 suggests. That way may be too complicated for you but that can hide you.

You can't launder money with "money" you launder money by running the dirty money through a legitimate business to make it look "clean". In that process the form of money doesn't matter that much and if tracing is important then cash is the only form of money that doesn't leave any traces behind.

Keep in mind that there is a big difference between "laundering" and "improving privacy". In the later you aren't doing anything illegal and it is your right to have privacy but in the former you are doing something illegal.

If they actually could(though I doubt it), it definitely wouldn't be easy.

Fees on P2P exchanges are pretty reasonable. As for mixers, some mixers like ChipMixer are free(besides tx fees) as they use the "pay what you want" model.

It is not scary to me but funny. I think in terms of fiat, it could be the currency of high volume in exchange. Like the foreign currency such as US$, pounds and Euro. Many times I have heard of money laundering, it is always in those currencies and not in local currency because the value is small in exchange for the above currencies. Politicians take out money or embezzle public money by converting plenty of the local currency to few currencies with high exchange rate. However I have not heard of money laundering on cryptocurrency except scamming and that is quite different from money laundering.

Monero is the best but there are a few more good private coins
Five most private cryptocurrencies (https://www.investopedia.com/tech/five-most-private-cryptocurrencies/):
1. Monero
2. Zcash
3. DASH
4. Horizen
5. Verge
6. Beam

Bisq (https://bisq.network/) is the best. Decentralized, no KYC but the disadvantage is low trading volume.

This means you've done something illegal.
If you do this, you give other people your dirty money.
If you do this, you can create problems to others.
If you do this, you give a bad name to crypto.
And then.. why would the community help you?!

Monero, Grin, Dash (Many people question the accuracy of this information.)
So unless you know how to hide your identity, using above coins will give you a false sense of security in addition to you breaking the law by laundering money, which means that any mistake means that you will go to prison.
Without technical knowledge, knowing how to hide your identity, use Tor, etc., you will not get 100% anonymity, but Monero is one of the serious projects that focus on privacy.

If you are going to choose monero you still have a record on exchanges unless if you buy monero on no KYC exchange.
And take note you would still need to set up your wallet with Tor to be fully anonymous. Read this monero documentation about how to set up it with tor (https://monerodocs.org/running-node/open-node-tor-onion/)

Grin would be also an alternative as suggested above this would be a good sample to become anonymous no transaction records even you buy them on no KYC exchange the next transaction would be fully anonymous.

The same goes for Beam the only problem with this coin is that if you don't have a backup wallet file even you have a backup seed/private key there is no way to recover your old addresses.
Unlike Grin coin the transaction will be generated into a file that you can upload or send to someone.

Both Grin and Beam support Dandelion++ which is best if you want to hide your IP and they also support I2P/Tor. It seems Monero also implemented Dandelion last April?

Obviously, Monero is the top coin for this kind of thing but I like to think that this is for your own personal protection and not because you've been up to something dodgy.

I would also advise that while Monero might seem like to go to option, it may also become the most tractable coin in the future to prevent fraudulent activity, so looking at alternatives might be another option.

Zcash
Monero
Dash

You can also check out on this list: https://www.investopedia.com/tech/five-most-private-cryptocurrencies/

Fully anonymous and cant really be traced up.

We know of Dash to help you make anonymous transactions.
If you are not telling people what did you buy, we will start assuming it and it's not hard to say that you either bought drugs or deadly weapons. Some users claimed that cash can be the best option for you but even that can be traced if some official knew about you and your deeds from close.

I am wondering what transaction you're going to do. But that is your own decision.
Commonly people will use Bitcoin mixers in order to make the transaction or Bitcoin is anonymous and we cannot tract them.
And have you ever tried a DEX that doesn't need any KYC? But that is also quite risky to take it.
Btw, the term "money laundering" is something bad. Do you really do that or you only want your transaction is in secret?

Wow, at least he is very direct on what he wants to ask here. But with platforms which don't require KYC as well as DEXs, there are a lot of options to take. Now, it is up to him how he can utilize those services to his own advantage. We can't deny the fact, that right now, some are really into crypto for the intentions of doing such money laundering scheme.

I hope that you're not committing dirty transactions but if you want to hide your personal details and want to keep your transactions untrackable, any form of crypto would be fine as long as you would use an exchange without KYC. You can also use Monero for anonymous transactions. Things will still depend on how you're going to transact safely.

Hope you aren't seeking to make away with someone's effort. I'm actually not comfortable with this thread not as if I am trying to criticize but it looks suspicious. But for the benefit of knowledge I will suggest:

• Bitcoin cash
• stellar coin

All coins, all you have to do is to find a an exchange site where you can trade this coins to other currencies of course you are going to choose exchange site that wouldn't ask for KYC and also you can try some gambling sites where they have built in exchange but the fee is a little bit expensive so maybe you should stick with exchange sites.

If you cant explain where did you get your crypto funds from a centralized insitution like bank. Its already considered money laundering. Whatever reason you say as long you cant justify your funds then that term applied already regardless what reason you may deemed explained to them. Even though we get it from profits on trading, they need documents showing that gains or else they could hold your fund without a valid explanation.

He's so bold because he is using a new account and doesn't risk anything. It's similar to how people accuse casinos and sportsbooks after losing money with new accounts.

The harsh reality is that unless you follow every step with extreme caution, cryptocurrency transactions can still be tracked quite easily. If even you use mixers and decentralized exchanges, one can still estimate where the coins were sent. This is why most mixers allow you to set time delays.

At some point, you need to cash your coins and that is where most cheaters are caught. You can evade being tracked on the blockchain but when you sell it for fiat, you need to reveal your identity or bank account.

That's a big red flag OP, you don't ask those kinds of question in a public forum unless you're just curious or you're really a money laundering wannabe and you want to learn how to launder money using cryptocurrency, I think people have already failed not to teach OP any way to launder using cryptocurrencies.

Seems like just a curious George to me and but still an alarming one because even if he didn't post/asked it here he'll still find a way just by searching it on search engine sites. I wonder what's the OP's agenda but as I said maybe he's just that curious on the know-how of that. Seems not the kind of post here for Trading Discussion though.

We don't know about that though, you know that being curious can be a good excuse to ask something illegal, I mean you can't ask people on how to access child porno sites just because they said they're curious, it's your moral and legal obligation to not tell them about it because it's illegal and deplorable.

I know about 2 (two) coin are full of anonymous Dash and Monero. You're planning to money laundering ? whether you do not have to eagerness. Centralized exchanges will requiring kyc here you can not anonymous transaction. Dex is kycless but not sure how safe to anonymous transaction.

Even in the eyes of bankers all crypto including money laundering, nothing is excluded. if you are a worker at a bank then when someone takes money from crypto trading results, it must be quite terrible where that person has harmed the bank because they have done money laundering from crypto which is absolutely worthless, what makes it valuable is a group of people which then sets a certain rate on the crypto price. As time goes on crypto lovers increase and make you even more clueless as to why many people have money without having to work (work in the real world) only with coins that they name and then trade.

That's what makes me feel good about crypto, it makes bankers even more dizzy.

I think there are some market that not ask us to do KYC yet, like Hotbit maybe or Yobit. And there are some gambling sites that maybe can help to mix transaction like 99dice, if me not wrong they will send from their hot wallet address and not user's address.

But it doesn't change the fact he'd always get an answer for this and that's a fact we can't ignore. Anyways, I think there's a hidden agenda behind his question and it's really that alarming on OP's end, but we never know that.

If they can't combat it, they'll make more regulations at least to mitigate what they are dizzied about. Regulation will really go hand in hand in the crypto space.

I would guess dollar is suitable for money laundering, is it not? Everyone is acting as if money laundering on a bitcointalk forum is a big hush hush but the reality is that money laundering was a thing way  before bitcoin was even an idea, I am pretty sure money laundering was a thing even before satoshi was born let alone bitcoin.

We had so many criminals in history that ended up buying legit business', the cafes around the corner, the pizza shop, the jewelry down the street and all that with their first legit money, and then they made it look like those business' were booming, making so much money, at one point Pablo escobar just used a taxi company to show millions in profit. So long story short, bitcoin is not for money laundering, crypto as a whole is not for money laundering, it is dollars and other fiat currencies that people use for money laundering and have been for over a century.

I don't want to support a money launderer and I assume you are asking these questions for educational purposes.

The best crypto for anonymity? Hands down Monero, as you said you already know. If you are smart and use mixers then you may easily avoid getting tracked with almost any coin but Monero is just perfect for such purposes.

Exchanges that don't require KYC? It's a tough one but I think P2P platforms should be the best. Beware though, LBC started to ask for identity and they don't shy away from blocking accounts until they get all the information.

You can use instant exchanges and check all such exchanges at bestchange but please do your due diligence and I hope you aren't involved in such things actually.

I don't know about that though, I mean OP is pretty straightforward to throw us off balance because OP thinks that if he/she asked straightforward then they might think that OP is just curious and that there's nothing wrong with what OP does.

The term money laundering is a stigmatized chapter in the world of cryptocurrency. Many have been punished for money laundering in neighboring countries, including our own. The only fear of money laundering My country does not recognize bitcoin.

For money laundering you need to choose some private secured coins. Money laundering can be done with all coins but the following are very important for money laundering.

Monero
Xlm
Beam
Bitcoin cash

Why would you be trying to do money laundering? I’d just assume that you’re asking that question for a good purpose and not because you really want to do something that is very bad. Any money you’re spending on the internet, I believe, can be traced if they want to trace. It continues for as long till you get noticed for the crimes you’ commit.

If you check most of these people with records of crime, they usually make use of cash and they have vaults where they store their money for themselves, because when such money goes to the bank, it won’t go unnoticed, they are going to notice it and they will be called to defend how they got such amount of money, which they won’t be able to defend it. Some have also said that cryptocurrency is anonymous, but how true is that? There have been instances where people were still caught using cryptocurrency. So it’s best to keep your hands clean.

Waw your question is suprise but hope you are not trying to do anything illegal using cryptocurrency because that's what people are using now to scam which is very bad lot's of people are just trying to spoil cryptocurrency. Lot's of people are now using cryptocurrency to scam now because they believe they can't be traced easily. But one of the coin which I believe can't be traced is MONERO.

I am not good at technical knowledge about coins but how is one coin safer than the other confuses me. Someone can deposit the money to any site and then make a withdrawal after some trading or transactions and they will get fresh coins. For example you can deposit money to Binance, trade between some coins and make a withdrawal. No one can track you because Binance doesn't ask for KYC up to a limit.

We can assume anything we want but really only he knows what's going in his mind. There are people doing illegal things on the dark web and there are infinite possibilities.

Actually, there is nothing wrong with asking about cryptocurrencies that are suitable for money laundering if it is only to increase our knowledge.
But it is worried if the question aims to carry out illegal activities, because there must be people who want to do negative things for their
own sake. Moreover, I have found quite a few cases regarding people using crypto for illegal activities. I just remind that the negative things we do
will only get us into big problems later on. So always do good things, so that what we do can have a good effect on our lives.

right, there are many downsides when discussed in public like this, because many readers and all of them may not be people with good intentions. things like this are worried by the government where they always argue the weakness of crypto about this

Why is the OP's question is like crypto is one of the chains of corruption and money laundering crimes ?
There are still many businesses outside of crypto if you really want to launder the proceeds of your crime. If you think hiding your money in crypto is a solution for money laundering purposes, what about the KYC procedure which is now mandatory in large markets ?
Come on guys, cryptocurrencies are not directly related to the crime of money laundering, so don't make wild opinions about it  ::)

Technically all of it are suitable for money laundering, all you have to do is to change your currency through p2p or create an exchange account that doesn't require KYC and trade it with different crytocurrency and you will be able to have a new and clean money or you can buy Monero after p2p or Bitcoin then use mixer for extra safety.

you have to be careful if you ask in this case. this is a criminal act. I think all crypto is suitable for money laundering, but it would be better if you can avoid this action because it is risky with the law in your country. believe me this is not good

why asking this? are you trying to find out how to use this out of your hands? Money laundering is the biggest enemy of this market in which hinders the mass adoption and i hate that matter .
cryptocurrency is design supposedly to help people generate fast and easy transaction but not criminals and illegal users.
i will never take part of your learning on this .

I think that for money laundering any type of critique can do it, even the best ones to do it are privacy coins, although by history the one that is used the most is Monero since if you enter the DeepWeb a lot of the volume of BTC and Monero come from In much of allpi, especially from the time of December, the volume handled in the exchanges of the deepweb is very large and the largest currency that is most traded out there is Monero, however when it comes to money laundering with any Currency can be done, only that it can be tracked much easier, but it is not that they can decipher who can do it unless they leave traces of their identification, that is why those who do it, it is from the deepweb or from an exchange decentralized.

How about going back with fiat and telling these schemes or transactions are already happening on ages as of this moment or before crypto did exist.I would say that its an inevitable thing where people do really make

out transactions which dont really go on legal or ethical aspect and there's no way on getting rid of it.People would find a way or method on doing that via those anonymous transactions or cant be traced up and since

some coins that do exist on the market does have that kind of quality then it isnt surprising that it would really be mainly used.

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Answering the topic then this would be particularly talking about Monero and Zcash which are totally untraceable or anonymous.

cryptocurrencies use blockchain. it's going to lead back to you. unless you make a transaction face to face to exchange cash with crypto.

you can't do it online with crypto. you will have to go to a company that generates income, like a local store, and mix your physical cash with theirs to come out clean. you know the story of that woman selling pupusas (https://gifs.tribe.so/post/scepticism-grows-in-el-salvador-over-pioneering-bitcoin-gamble-612d223b36f8c3211165b2f4) suspected to be involved in laundering?  this could not be just a story.

With eth, you can use an app build on Ethereum network to make anonymous transactions and the transaction details will not even appear on etherscan. The name is Railgun
Check out https://railgun.ch

I don't understand if you have money laundering needs? Or do you really have no topic and waste your space here? This question is too sensitive.