Money laundering via BTC

[Natalim]

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

I can't agree with that, there's way better than bitcoin and that's the privacy coins, when it comes to volume, they also have that, so definitely if the purpose to launder money, they have to be find ways where they will not easily be trace, and definitely it's not bitcoin.

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[Ridwan Fauzi]

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

Each transaction can be tracked by government or by someone else who want to know the transaction.

The point of view a new people to bitcoin is fully anynomous but it is wrong, as you may know how many bitcoin mixer which has considered as the best place to be use a money laundering was closed just because the transaction can be tracked.

So, for me bitcoin is not the best place to be use as money laundering, the viewpoint other people was wrong here. You need to look another cryptocurrency which was designed as anynomous place for its user maybe it is monero or something else. 

[imstillthebest]

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

I can't agree with that, there's way better than bitcoin and that's the privacy coins, when it comes to volume, they also have that, so definitely if the purpose to launder money, they have to be find ways where they will not easily be trace, and definitely it's not bitcoin.

volume ? why you need to consider these things if you want to launder a money ? volume is not important for illegal activities imo  but your right that privacy coins are better to use for doing illegal deeds as they are not traceable but when it comes popularity , bitcoin is popular compare to other coins and this might be the reason on why criminals use bitcoin the most  but money laundering does also occur offline so its not really a big deal to me when i heard a  news like this  .

[diazepam666]

Of course it is possible to launder money via Bitcoin. Otherwise, Bitcoin cannot be considered the equivalent of a real currency, because the ability to launder money is a "feature" of every fiat currency. 

LOL your correct but this stupids always come to say the Bitcoin and altcoins is worst in laundering. Is there any have the the more cases about money laundering with BTC.
Taken directly complain about that on forum or SEC or somewhere else.

[jjbanks994]

you can for sure. have you seen this report? https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

[zee11225]

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

Bitcoin being a place for money laundering makes perfect sense because of anonymous factors. But in my opinion the percentage is not big because right now bitcoin has become a place of speculation for big capital owners because the price is fluctuating, so large investors can enjoy large profits in a short time.
Certainly different from general money laundering places such as banks, gold investment or buying property, of course the price continues to rise even though it is not as fast and as high as biotcoin. If bitcoin becomes a place for money laundering it is certainly very risky, because if the price goes down the money from the crime will decrease in value.

[Schirer]

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

It used to be very easy to use BTC for stealthy money transfers. Nowadays it is becoming more and more difficult. The main reason is that regulation is getting stricter.
1. FATF recently added their guidelines how to collect and what data collect on crypto users , it starts with as small as a sum as 1000 USD
2. Localbitcoins recently removed cash deals from their platform

[teddyelwyn]

BTC might be the first to openly be caught (and still on going) laundering money according to Ciphertrace's blockchain forensics technology. Their last quarterly report numbers were insane how much got stolen and illegally moved around.

[ccryptopark]

Did any one happen to see that MIT researchers and IBM are starting to get invovled? https://www.theblockcrypto.com/2019/08/02/blockchain-analytics-startup-elliptic-mit-researchers-collaborate-to-detect-money-laundering-in-bitcoin-using-deep-learning-techniques/

Makes sense to have companies like Elliptic and Ciphertrace working to create proper techniques to trace transactions

[jerry0]

I always wondered about this.  So are you saying crypto wallet hackers who get btc in hacks, clean money this way?  I know lot of wallets have gotten hacked.  So if someone hacked 100 btc for example, then went to turn it into real money, how in the world would they do that?  I mean they can't say i bought 100 btc back in 2011 when it was 10 dollars right?


The other thing i thought was well couldn't they sell btc with local bitcoin?  But obviously bigger transaction, the more risky it is. 


And if they send the btc to like coinbase or gemini or bitstamp, wouldn't they have tons of questions from exchange? 

[jrrsparkles]

I always wondered about this.  So are you saying crypto wallet hackers who get btc in hacks, clean money this way?  I know lot of wallets have gotten hacked.  So if someone hacked 100 btc for example, then went to turn it into real money, how in the world would they do that?  I mean they can't say i bought 100 btc back in 2011 when it was 10 dollars right?


The other thing i thought was well couldn't they sell btc with local bitcoin?  But obviously bigger transaction, the more risky it is. 


And if they send the btc to like coinbase or gemini or bitstamp, wouldn't they have tons of questions from exchange? 

When someone got huge fiat money and want them to converted into bitcoin then there will be huge risk for them but scammers who got btc from hacking have options to spend it as btc itself on many places.Darkweb is the most used place for transacting bitcoins but that is not meant to be happen.So governments have the power to regulate cryptos and make it available for everyone to be used.

[rodel caling]

That is possible bitcoin is use for money laundering all herein the world isn't possible if the poeple want to work out what they want to get bad or good. Bitcoin is good people use bitcoin of fiat money for the bad ways using their ability.

[alexcopper]

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

It used to be very easy to use BTC for stealthy money transfers. Nowadays it is becoming more and more difficult. The main reason is that regulation is getting stricter.
1. FATF recently added their guidelines how to collect and what data collect on crypto users , it starts with as small as a sum as 1000 USD
2. Localbitcoins recently removed cash deals from their platform

It's crazy to me that BTC is still the most widely used in the dark web too. Did you see Ciphertrace's TRISA announcement which is their way of providing more privacy to the FATF guidelines?

[jaocoincrypto18]

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

That is why Bitcoin and the Crypto currency should be regulated and we should strongly to support it too. In fact there is now an International regulation for Money laundering under Financial Action Task Force (FATF) so that it could fully combat this money laundering problem in the whole world. Hopefully that this issue of Money Laundering thru Bitcoin will be eliminated as it just give bad reputation to the whole crypto currency market.

[qwertyup23]

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

This is one of the key reasons on why the government is against the world-wide implementation of bitcoin due to the fear of its anonymity factor. Every transaction in bitcoin, it protects the parties from knowing the exact location of each transaction. This is also the reason on why most people under the Dark Web use bitcoin as the main currency in order NOT to be detected by authorities.

There are a lot of way for money laundering but bitcoin is the best way among all the way of money laundering and for becoming favorite of bitcoin is one of the main reason is money laundering.

Money laundering via cryptocurrencies is the most convenient and safest way of doing it. The anonymity factor it provides and anyone can do it. Not only money laundering but sending money via remittances.

[Finestream]

Money laundering via cryptocurrencies is the most convenient and safest way of doing it. The anonymity factor it provides and anyone can do it.

The only trace if you will withdraw the money in local exchange.
You need to be in the watchlist of the AMLC in order for them to monitor your trace your transactions and monitor it.
They have the authority to check on exchanges and if you are verified, they will see traces of your transactions, so in that way in case your launder money you are likely to get caught.

Not only money laundering but sending money via remittances.

Remittances I guess are also monitored by AMLC, so you need to be careful as almost everything that is centralized can easily be monitored by the government.

[Anegg]

Money laundering can definitely be carried out through bitcoin, however, there are better cryptocurrencies out there that are designed for maximized anonymity. With bitcoin, everyone is able to see transactions that occur on the network and can monitor the flow of funds. However, the person behind the bitcoin address remains anonymous until they want to cash out their bitcoin which will then cause them to be easily identified especially through the use of services such as local bitcoins. In fact, mixer services such as chipmixer may get subpoenaed by law enforcement services which would result in the identification of fund locations. This is why bitcoin is one of the less popular cryptocurrencies used in laundering money.

[coin-investor]

Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?

It has been established and this is the bad side of Cryptocurrency, but the good side outweighs the bad side, there are in fact a lot of benefits using Bitcoin and other Cryptocurrency, and fiat are also used in money laundering also, all kind of currency are subject to laundering, it's just that criminals have found a way to use it more in the black market, but like what I said Bitcoin was a more positive usage than a negative one and authorities and the communities are trying to combat the negative side.

[nrnahid]

Of course it is possible to launder money via Bitcoin. Otherwise, BTCBitcoin cannot be considered the equivalent of a real currency, because the ability to launder money is a "feature" of every fiat currency.

[Flor1982]

Money laundering is the main reason of why some governments would not accept Bitcoin in their country. Even do there is regulation which is the way to counter this money laudering activities still some government would not adopt the investment which i wonder why.