No, Crypto Is Not a Haven for Money LaunderingĪ Chainalysis report revealed that just 0.15% of crypto transactions were associated with illicit activity in 2021. Spoiler: the overwhelming majority of all money laundered goes through the traditional banking system, not crypto. They could not be further from the truth.īinance CEO Changpeng Zhao unveiled the findings in a tweet on May 31.Ĭrypto and Money Laundering: An Inconvenient Truth. Crypto detractors will either claim that cryptocurrency is worthless or only used by criminals for money laundering. It is part of an effort to debunk the misconceptions regarding the involvement of cryptocurrencies.įurthermore, the report cited statistics from renowned analytics firms and the United Nations to support its argument. However, the truth is that most of all laundered money goes through the traditional banking system.Ī new report by cryptocurrency exchange Binance has taken a deep dive into money laundering. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.Cryptocurrency is often wrongly associated with money laundering, especially by anti-crypto politicians. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. Risk Disclaimers This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content.
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According to the latest available FTX crypto holdings, FTX held $685 million in solana ( SOL), $268 million in bitcoin ( BTC), and $90 million in ethereum ( ETH) as of January 17. Monday Crypto Market Overview: FTX, Ripple, and Coinbase in FocusįTX Asset Sale Plans Spook Investors: On Monday, investors reacted to news of FTX planning a $200 million crypto asset sale.
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