Crypto and Money Laundering: An Inconvenient Truth
Contents
Crypto and Money Laundering: An Inconvenient Truth
If you’re anti-crypto you essentially have two arguments. One, crypto is worthless, and two, it's a place for people to launder money. Obviously, crypto is not worthless, but is it the haven for illicit money laundering that television pundits and opponents make it out to be?
No.
There’s an inconvenient truth for those who wish to portray crypto as a money-laundering paradise.
According to Chainalysis, a blockchain analysis company that specializes in crypto and blockchain analysis, of all transactions made with cryptocurrencies in 2021, 0.15% were associated with some type of illicit activity.
The UN estimates that between 2% to 5% of traditional fiat (cash), about $800 billion to $2 trillion in current US dollars, was associated with some type of illicit activity. So let’s call it a trillion dollar a year problem.
Opponents have bent over backwards to try and create a narrative that Binance, and large exchanges …
If you’re anti-crypto you essentially have two arguments. One, crypto is worthless, and two, it's a place for people to launder money. Obviously, crypto is not worthless, but is it the haven for illicit money laundering that television pundits and opponents make it out to be?
No.
There’s an inconvenient truth for those who wish to portray crypto as a money-laundering paradise.
According to Chainalysis, a blockchain analysis company that specializes in crypto and blockchain analysis, of all transactions made with cryptocurrencies in 2021, 0.15% were associated with some type of illicit activity.
The UN estimates that between 2% to 5% of traditional fiat (cash), about $800 billion to $2 trillion in current US dollars, was associated with some type of illicit activity. So let’s call it a trillion dollar a year problem.
Opponents have bent over backwards to try and create a narrative that Binance, and large exchanges …