Money laundering via BTC

[Mahanton]

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?

With anonymity features of bitcoin then you can really tell that money laundering is most likely and if you do try to look at on whats the common stance of government
towards it then you can say that it is indeed possible on doing such thing.This is one of the most common reason on why government are likely to oppose or does have
negative views or insights towards bitcoin or crypto as a whole due to this possibility.They cant trace up transactions that do involves laundering due to decnetralization and
anonymity but doesnt mean that we shouldnt care that much as a crypto supporter.Right?

[serjent05]

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 to do money laundering via Bitcoin, but there is no assurance whether you won't be traced.  Bitcoin has a transparent blockchain so it has high traceability.  But many solve that with mixers.  But still whether laundering can be done through BTC or not, we should not encourage anyone to do that because it is a bad thing and also, will give a bad image on the cryptocurrency industry.

[hatshepsut93]

The point of money laundering is to make it like your dirty money come from a legitimate source. With Bitcoin, this is hard to do because of the public nature of its blockchain. Mixing would actually work against you, because it would be clear that the coins came from a mixer, which make it more suspicious. Bitcoin isn't really a method for money laundering itself, like some haters claim, you need to apply the actual money laundering methods to it, and blockchain will work against you, because it's so easy to check the records.

[wxa7115]

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 could happen of course but it depends, from a practical point of view a single individual trying to hide his wealth from the government or any other institution could do it as long as his wealth was kind of low, however if we are talking about very wealthy individuals or even criminal organizations this is not really practical for them, most likely what they will do is to bribe local banks to help them in their money laundering operations.

This process is a lot more simpler than what they will have to try to do to launder that money with bitcoin, as they will save themselves the fees, the costs of converting their money to bitcoin or any other cryptocurrency and then back to fiat and the trail that they will leave will be more difficult to follow than what you can do in bitcoin, so all in all for criminal organizations it doesn't seem to be any advantage to try to use bitcoin for their operations and most likely this is why it's not happening right now.

[Wysi]

But wouldn't there be KYC with almost all the major exchange? I don't think it's that easy now to indulge into money laundering through Bitcoin. Yes, Bitcoin has been used by criminals as a mode of payment as we have seen in case of kidnapping or hacking and at the same time these money laundering is not limited to bitcoin as user will find some other way to get the job done but these money laundering and ther illegal extortion has brough a bad name to crypto.

[blue Snow]

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

binance is the best, they required 2 BTC withdrawing without KYC. but the problem is how to deposit fiat.

[abel1337]

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's possible and I can assume that money laundering using bitcoin happened before. There are many ways to launder money and using bitcoin or somehow altcoins such as privacy coins will make it possible. Also using a mixer is one of the choices. In exchanging the illegal money to cryptocurrency there are also ways of dealing with it like doing P2P transactions in person or hire someone for the job to do the P2P transactions.

[romero121]

The increased value of bitcoin ease the process of money laundering. Right now more volume of funds get transacted through bitcoin than other days. Right now if we make a transaction it is possible to transact a huge volume compared to the days of bearish market.

Whats the reason for Money laundering ?
                      People doesn't wish to pay taxes to the government. To avoid tax, the excess earnings in fiat will be converted to bitcoin and kept hold. If required can be transacted directly to different locations as well as can be cashed out on requirment.

[fishbonez11]

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've watched a documentary that bitcoin is use in black market to buy gold which is a way to launder money. It can easily be done through Cryptocurrency since it has all the features to remain anonymous and perform easy transaction. Another way bitcoin can be used is through exchanges that does not require KYC. Im not saying that bitcoin is made for laundering money, but this could be tge best option of those who has dirty money.

[taufik0911]

yes some people use bitcoin for money laundering because after entering the blockchains all transactions will become anonymous so they cannot be tracked
This is the reason some countries do not accept bitcoin as a means of payment because legally bitcoin will make it easier for many people to do money laundering and embezzlement.

[Reatim]

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?

My thought is?that you already know the answer and you just wan't to have a conversation here for the reason that i don't know.

You clearly point each thing that explains how is it possible but still asking for answer.

Laundering can happen not only in Bitcoin as many ways to make this happen but yeah it is much safety using Bitcoin same reason

Here is some example

In china the government reported a case where a gambling Gang as they stated were using cryptocurrencies to transfer funds abroad. According to them trillions of yuan's are illegally being transferred abroad due to gambling.


https://cointelegraph.com/news/chinese-govt-official-gambling-gangs-use-crypto-to-transfer-funds-abroad/amp

And here is the thread
https://bitcointalk.org/index.php?topic=5289572.0

[AicecreaME]

Before using Bitcoin in money laundering, they've used banks and people to launder money. The evolution of the technology makes their tactics evolve so they could easily make a dirty money in a clean money without being trace by the Government or authorities.

In order money laundering to be a success, they use this called "layering that transfers the money in smaller amounts to many account, buying properties, while in Bitcoin, I bet they use many Bitcoin addresses as much as possible and buy other promising cryptocurrency to be untraceable as much as possible as well.

[GeorgeJohn]

I think these topic is quite interesting, from the aspect of things I hope its possible to use bitcoin as a means of money laundering because it's a decentralized platform that happened no one can have access to control or monitor over except the owner, so having buying excessive bitcoin and store in wallet for over three years or long period of time with project or countries money is another means money laundering and no body can  know about it except your bank, and it can easily be converted as a fiat currency through blockchains, so therefore I accept the point that bitcoin can be use as inform of money laundering.

[Lorence.xD]

It is entirely possible and it is long standing adversary of bitcoin that prevents it from leaving a sour taste in the mouths of public. The key problem with bitcoin as a medium for money laundering is that most blood money is in fiat form which means that you need to convert it to electronic which could raise suspicions. P2P is the best way to make money laundering via BTC work, this comes with a problem as law enforcements also knows this modus operandi which means you could be trading with a decoy and the trade was a money laundering sting.

[Twinkledoe]

yes some people use bitcoin for money laundering because after entering the blockchains all transactions will become anonymous so they cannot be tracked
This is the reason some countries do not accept bitcoin as a means of payment because legally bitcoin will make it easier for many people to do money laundering and embezzlement.

I think these topic is quite interesting, from the aspect of things I hope its possible to use bitcoin as a means of money laundering because it's a decentralized platform that happened no one can have access to control or monitor over except the owner, so having buying excessive bitcoin and store in wallet for over three years or long period of time with project or countries money is another means money laundering and no body can  know about it except your bank, and it can easily be converted as a fiat currency through blockchains, so therefore I accept the point that bitcoin can be use as inform of money laundering.

It is happening already. And with the aid of bitcoin mixers, I guess the life of money launderers becomes easier. I believe it is how they strategize on how to get it back to fiat money. There are many exchanges that don't require KYC below 1-3btc withdrawals per day. So daily withdrawal is very possible without passing KYC docs. However, if they need to use local exchanges in converting their crypto to fiat, most of them require some KYC docs. However, if the crypto is already cleaned, this is very possible already.

[GeorgeJohn]

yes some people use bitcoin for money laundering because after entering the blockchains all transactions will become anonymous so they cannot be tracked
This is the reason some countries do not accept bitcoin as a means of payment because legally bitcoin will make it easier for many people to do money laundering and embezzlement.

I think these topic is quite interesting, from the aspect of things I hope its possible to use bitcoin as a means of money laundering because it's a decentralized platform that happened no one can have access to control or monitor over except the owner, so having buying excessive bitcoin and store in wallet for over three years or long period of time with project or countries money is another means money laundering and no body can  know about it except your bank, and it can easily be converted as a fiat currency through blockchains, so therefore I accept the point that bitcoin can be use as inform of money laundering.

It is happening already. And with the aid of bitcoin mixers, I guess the life of money launderers becomes easier. I believe it is how they strategize on how to get it back to fiat money. There are many exchanges that don't require KYC below 1-3btc withdrawals per day. So daily withdrawal is very possible without passing KYC docs. However, if they need to use local exchanges in converting their crypto to fiat, most of them require some KYC docs. However, if the crypto is already cleaned, this is very possible already.

Ok since it has made obvious that people do money laundering in respect of bitcoin, is it a crime?
Since it has made clearly that after purchasing bitcoin it will still be converted to fiat currency, so how can we detect that the objective of individual to buy btc is because of embezzlement of fund's, I think a robots suppose to be implement or create for monitoring the rate of bitcoin or amount of btc in someone's wallet in order to identify money laundered.

[Kupid002]

There have been various account where Criminals use cryptocurrencies such as Bitcoin for various purposes: laundering dirty money, scamming victims out of funds, defrauding investors, monetizing ransomware, or buying illicit goods. Which means it's is possible but there is also high possibility of the criminals been trace and caught.

Yes , you can use crypto currency but it doesn't mean you are immunr in tracing by the government or bank if they think the bitcoin here is used for money laundering they will do their part to trace it .

One of the example of caught launderers

https://cointelegraph.com/news/australian-woman-arrested-in-cash-for-bitcoin-money-laundering-sting

https://www.coindesk.com/new-zealand-man-charged-with-money-laundering-via-crypto-and-luxury-cars


Once you hide to bitcoin or other crypto currency it doesn't mean you will never be trace .

[BTCappu]

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 it can only be possible in places where the government doesn’t have their eyes on what’s happening, but as long as they have their eyes on everything you can get caught with whatever you’re trying to do. Bitcoin is not really as anonymous as some people make it seem, if you commit crimes with it there is still the possibility of getting caught.

I even saw a post by SWIFT where they said that people who are into money laundering prefers to make use of cash and not even Bitcoin. Anyway, I am not in support of all that, people who commit crimes should be punished for it.

[Zemomtum]

Money laundering has been in existence for long before the emergence of BTC through FIAT and those who are into it knows how to find their way in achieving their aim. BTC is also a currency and it will be possible if not minding the cost and fatigue.

[emmybd]

Laundering means to transfer illegally obtained money or investments through an outside party to conceal the true source. Money laundering means sending illegal or stolen money to a foreign bank to hide the fact that the money was illegally obtained.
Billions of dollars have been laundered through cryptocurrency exchanges. Bitcoin business is one of them. Money laundering is a major problem for the world economy. According to a report up to $2.8 billion has been laundered on exchanges using bitcoin.
Placement, Layering, Integration are the stages of bitcoin money laundering. But bitcoin laundering is a practical and cost-effective option for cyber criminals. Money laundering via bitcoin is not a good idea. Laundering via bitcoin leaves a permanent trail. The mission of money laundering is to create a chain of transactions that can’t be traced, so since the bitcoin blockchain is designed to have an indelible public record of all transactions. It's difficult to launder money via bitcoin.
So, it can be said that money laundering via bitcoin is not easy at all.