Money laundering via BTC

[meliodasgaming]

Hi guys ! My name’s Dave.
ข่าวกีฬา
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?

[mocacinno]

Hi guys ! My name’s Dave.
ข่าวกีฬา
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 has been discussed quite often... I'm not saying laundering money with crypto currencies does not exist, however, i've not yet seen any proof that this happens on a large scale. It's just to complicated and the risk of getting caught is just to high... I'm pretty sure most money launderers use small businesses to launder their money instead of crypto currencies.

In order to launder your money, you would have to buy BTC using your "dirty" money. In order to exchange FIAT to BTC, you'd have to use a centralised exchange (requiring KYC) or you'd have to resort to small deals P2P, OTC, ATM,... It would take a long time to convert large chunks of FIAT into BTC and you'd have to be careful of Law enforcement stings, camera's, fake KYC documents,...
If you use fake documents, you risk getting flagged and losing your funds... If the exchange is contacted by LE because of suspicious FIAT deposit you could lose your funds, if you're caught on camera doing a P2P or ATM desposit you could end up with your face on a wanted poster,...

Once you'd have the BTC in your posession, you'd have to use a string of mixers, coinjoin's, non-KYC exchanges to ALT's,... in order to break the link between the BTC bought with dirty FIAT and the BTC you want to exchange back to FIAT.
Using a string of such methods has a cost... Each mixer has a fee, each exchange has a fee, coinjoins are not free,...

The process of "clean" BTC to FIAT is also cumbersome and bound to KYC, having to enter your address and phone number, camera's, stings,...

So, once again: i'm sure that somebody already tried laundering money with crypto currency's... I just don't think it's a mayor problem since it's difficult, takes a long time, isn't cost-effective if you compare it to laundering your money trough small businesses using FIAT

[n0ne]

Black money will be of huge volume funds. When someone tries to launder money or make the black money into bitcoin, the banking requirement is there. This means for large volume buying of bitcoin large volume of fund transfer through the bank is the only possible way, because in recent days the direct person to person trade in exchange for fiat is taken away by the traders.

[concept2]

Laundering money is easy in my country. And bitcoin is familiar with this activity. It is great to use this service if you want to avoid being traced by anyone. Deleting your footprint on the internet make your free from various types of troubles.

I dont know what the situation in your country is. Laundering money is indeed illegal but it is less serious in my country. I dont know why. However, Im not interesting in with it. Most of the time, I use p2p wire bank exchange to convert bitcoin into fiat

[avikz]

Hi guys ! My name’s Dave.
ข่าวกีฬา
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?

Money laundering is a big threat to the bitcoin ecosystem as such kind of activities are usually tracked by the regulatory agencies through the blockchain analytics companies like Chainanalysis and appropriate actions are taken. So I would suggest you not to use bitcoin for such activities. It also brings down the reputation of bitcoin among the commoners!

There are many anonymous coins available like Monero which you can definitely use because cryptocurrency provides you with such freedom. But it will be best if you don't bring such non-sense to this forum and please don't look around for help! Adios!

[Anonylz]

it is possible only if you can avoid doing kyc i.e not register in any centralized exchange, because as you know, centralize exchange requires identity verification and being a money launder you wouldn't want your identity to be exposed,
and why are you asking this question if i may ask! i don't suppose you are thinking towards that line of business, thats a dangerous idea to want to get involve in.

[bitcampaign]

It is difficult to do that with bitcoin, many exchanges ask you to KYC if you want to make a large amount of withdrawal, but actually bitcoin is only a tool used to launder money, can't gold and others be used as a money launderer, this question every so often and it's boring

[dothebeats]

Simple answer: yes. Do you maybe wanna do it? Then perhaps the answer is no.

While one can always do money laundering and illegal stuff using bitcoin in today's time, it's still hard to bypass security checks and other important documents that exchanges impose within their platforms. Also, add to that the growing number of chainalysis firms seeking to aid legal departments on nabbing money launderers, now you have a hard time doing these things.

Perhaps if you're only a small-time peddler of laundered money you can do this stuff alone. But if you're one on the higher order of crooks, money laundering through cash is still your safest bet compared to bitcoin.

[fauzan123]

Hi guys ! My name’s Dave.
ข่าวกีฬา
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?

I think this question is very irrelevant to ask, because there will always be positive and negative sides when we are going to do anything, including business finance (everyone has seen this) and including yourself.

What benefits can you do when asking about money laundering, there have been many optimizations that can be prevented from being able to try money laundering. As we know, KYC is one way.

Without KYC in the local exchange we will not be able to withdraw the amount we want because it has become the rule, of course this is one of the ways to prevent money laundering from happening.

[mahilchii]

Yes it is possible with crypto but if the amount is huge there will be KYC as most of the exchange have made KYC mandatory so any huge mony laundering activity will send a trigger to the bank, I believe money laundering has been taking place even before emergence of Bitcoin and Bitcoin, other cryptos have been potrayed in negative lights as if it's the only channel for money laundering.

I think we should move on from this topic which has been discussed over hunder times here

[davis196]

Hi guys ! My name’s Dave.
ข่าวกีฬา
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?

I'm confused.Why are you asking?Do you want to launder your money via Bitcoin?
I think that privacy coins like Monero are better for money laundering,because the Monero blockchain has a built in mixer,while with Bitcoin,you will have to use a third party BTC mixer.
Nevertheless,I do not condone money laundering and I don't recommend you to do any kind of illegal activities online.
A large portion of money laundering is mostly done via the banking system,but only the big players can do it.

[NelfiNovita]

at this time very few people laundered money through BTC. now it is very complicated to do money laundering on BTC, every transaction or when creating an account on a market requires KYC. I see BTC's defense and security are getting better so that they can avoid criminals.

[judaspriest]

Hi guys ! My name’s Dave.
ข่าวกีฬา
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 is possible that money laundering can occur in bitcoin,
if the exchange they use does not have a KYC system for withdrawals then it can be done,
but there are some coins that are completely anonymous and difficult to track, that its Monero

[nemey]

I think money loundry can actually happen with Bitcoin. it's just that I've never heard of what happened. But if we are not alert, it could happen to us. Therefore, we should properly protect the cryptocurrencies assets that we have now.

[20kevin20]

Disclaimer: By this post, I do not condone illegal activity in any way.

It is a possible if you wanted me to answer shortly, but it's quite risky. As the ledger is fully public and transparent, little leaks make for big mistakes.

Let's not forget that Bitcoin is a digital thing. With that being said, knowing how many softwares, operating systems, devices etc have backdoors in them ready for intel agencies to join your company and find out what's going on with your stuff, laundering money via BTC is a pretty bad choice imo.

Just imagine being able to launder money 5 years straight and, all of a sudden, you somehow connect to your wallet without Tor - or someone's carefully watching your exit nodes. A little leak makes for your identification. Yes - you could user mixers, whirlpools, coinjoins etc as a way to partially break your coins' history, but that requires maximum attention and perfect handling of your coins, devices and fingerprints.

Using Bitcoin the "anonymous" way is quite hard. Mixers and other similar methods are fine imo, as long as you aren't committing any crimes you may be held accountable for. But when it comes to crimes, if an agency suspects you, they will spend any amount of resources if they think you're worth the costs & time. For when someone wants to hide their identity easier and without that much of a hassle, a better option is Monero.

Now for the higher sums of ML, I've never studied how easy it is for an agency to penetrate your digital/electronical stuff as long as you're suspected, but the first thought I'm having is about closed-source hardware. Even if we swap Windows for a FOSS system, closed-source software for open-sourced and so on, we get to the final and main point which is quite hard to combat: the device you're using. Even Respects-Your-Freedom certified devices aren't 100% open-source, because some of the most important components for a PC to work (such as CPUs and GPUs) aren't open-source, at least not comercially.

Privacy and anonymity is more of a dream than a reality these days, unfortunately. We can and should do a lot of things to improve them both in our daily lives, but at the end of the day we have little "bombs" sitting everywhere around us waiting for the trigger to be pushed.

[Karartma1]

Hi guys ! My name’s Dave.
ข่าวกีฬา
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?

If you taint the orange beauty with the filthy fiat currency cash there's no money laundering in the world that can save you from any curse that might strike you. Once you have dirtied your bitcoins there's no going back.
Sarcasm aside, I guess you are trying some easy ways to go to jail. GL.

[skarais]

Like currency, bitcoin is a currency that can be used both legally and in other illegal crimes. However, when compared to fiat, I think the incidence of illegal cases in bitcoin such as money laundering is lower. Fiat has long been used in illegal activities and is much larger in scale than bitcoin. You can still do money laundering with bitcoin but I dare not say this will never be discovered because I think the government is on standby to prevent criminal acts involving bitcoin such as cooperating with exchanges. KYC is one that might be a barrier for cyber criminal who want to clean up their illicit money.

[posi]

There's no way you can convert huge black money to white using Bitcoin that the centralized services won't be involved with make money laundering using fiat to crypto to be dangerous cause Bitcoin blockchain record ledger is a permanent and public record. Although, Bitcoin tumbler service maybe use to stay hidden but sooner or later a centralized service will still be used at some point and that's how Kucoin hacker was nab  However, statistics show that 97% of all dirty money is laundering via the Banking system.

[Oshosondy]

Bitcoin has a very transparent ledger called blockchain where all transactions can be easily tracked, but some people are still making use of tumblers such as mixers and coinjoin, but this are only used for privacy purposes, bitcoin can even possibly be easily tracked during investications than fiat money, I will advice you not to use bitcoin for money laundering. But if privacy is your concern, you can make use of bitcoin mixers or making use of wallets like wasabi wallet that can conjoin transactions.

[wxxyrqa]

Bitcoin has a very transparent ledger called blockchain where all transactions can be easily tracked, but some people are still making use of tumblers such as mixers and coinjoin, but this are only used for privacy purposes, bitcoin can even possibly be easily tracked during investications than fiat money, I will advice you not to use bitcoin for money laundering. But if privacy is your concern, you can make use of bitcoin mixers or making use of wallets like wasabi wallet that can conjoin transactions.

If we are talking about regulatory authorities that are fighting the laundering of money obtained by criminal means using Bitcoin, they are primarily concerned about the moment that they have no influence on the funds that are on inaccessible wallets. It is much easier for them to block bank accounts in any country, because certain procedures are provided for this, but cryptocurrency accounts are generally not available for governments and certain structures. One way or another, no one denies the possibility of using cryptocurrency for unfair purposes, but this does not justify the desire of governments and the SEC to control everything.