Categories: Cryptocurrencies

CipherTrace releases cryptocurrency anti-money laundering report

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“There are a number of money laundering services available for cryptocurrencies. These services are variously called mixers, tumblers, foggers and laundries. They take in funds from multiple customers, mix those funds together, and then output the mixed funds. They typically charge between 1% and 3% per transaction for their services,” states the firm in its 13-page Cryptocurrency Anti-Money Laundering Report.

“Criminals are often early adopters of new technologies. So not surprisingly Bitcoin and other virtual currencies attracted their interest because of several unique properties. Crypto transactions do not require criminals to use their real names, bank account numbers, etc., which can enable them to evade the watchful eye of law enforcement and other investigators.”

CipherTrace says these issues have attracted the attention of authorities around the world, prompting governments to push for regulation.

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.