See, there is this friend of mine who works at a bank. He told me, Bitcoin is not a good investment so far yet, because of money laundering threat. He asked me who is compliance checking the transactions. I was like O.o and had nothing to say, but I know this community has some nice answers for him.
I know people in the community are tired of hearing that Bitcoin is only used by criminals. I am too. I was speaking recently with a friend of mine about Bitcoin and the future of money. They brought up a point that Bitcoin can be used for money laundering. I was thinking about this. Is there anything that makes Bitcoin easier or harder to launder money with? I imagine it's probably easier to launder with Bitcoin, but I wanted to ask for a third opinion
Bitcoin has a "laundering" money system built right in. Move stolen Bitcoins by putting them in very high fee'd transactions. A miner collects fees as virgin coinbase and shares it with bad guys.
You don't realize it if you don't see it, but really bitcoin fees are burned and miners mint that exact same amount as coinbase. Fees go in having come from a long list of transaction history, and come out as virgin coinbase bitcoins with zero history.
I think the real cherry on top is the only stream was from this asshole and his clown buddy Corsi. https://youtu.be/odeiBxOYKmQ Conference starts about 15 minutes in. The guy was supposed to be disguised and guarded, but instead he calls into a damn cell phone. I could do some shit like this. In fact, I think I'll hold a press conference next week about my special witness who's totes legit and took polygraphs you'll never find, with damning information about Reddit. His name is "opposable." But anyway, some of the bits I'll mention before bed: --Apparently, Rod Rosenstein is corrupt AF and he and his psychopathic henchmen killed Seth and stole his thumb drive to cover their tracks, as his download of the DNC emails set off their alarms, and they didn't want to get caught altering emails. Where have I heard the "altering emails" crap before? 🙄 --Russia isn't quite involved but there's a Russian tie-in to Rosenstein because something something Bitcoin and money laundering. --Supposedly, this witness found this out because the murderers were bragging about it too much. --Witness refutes MS-13 involvement, but also claims Hillary and the DNC/DWS couldn't have, either, because those involved were all Republican. Oh, like the corporate Democrats? Come on! --Multiple MSM outfits were at this, including WaPo and the Daily Beast. I'll circle back over this once I've actually gotten a hair of sleep. But yeah, this was a joke. I look forward to not-that-Handsome Jack proving this dog-and-pony show out.
04-20 04:34 - 'Paxful.com and staff willfully allowing nigerian scammers to launder money' (self.Bitcoin) by /u/PurseV2 removed from /r/Bitcoin within 168-178min
''' The bulk of paxful trades are gift cards by nigerians and indians. Has paxful staff never questioned how nigerians manage to get usa giftcards considering they do not sell giftcards of such in nigeria. Paxful boasts high volume trades of giftcards bought in the usa from nigeria users yet they do not wander how the nigerians get their cards? These nigerians scam USA residents through various methods such as online dating scams. They target vulnerable people and Paxful help them to launder thier money. What kind of business model is this? After trading on paxful for less than a month I have realised this. The owners have not realised this in the 5 years they have been open? I have collected proof and I will be reporting this to news outlets in the near future. From nigerians uploading images of the chats they have with these vulnerable people accidently to them putting their paxful display picture as the person they have scammed. Paxful is willingfully doing so. They know the source of the giftcards are from scams. Many articles written by Paxful acknowledge the nigerians and indians get their gift cards from "shady sources" but still allow them to be traded on the platfrom. Paxful claims to not allow gift card brokering (the selling of giftcards when you are not the original purchaser). However in their articles they acknowledge usa giftcards cannot be bought in nigeria, most of their trades are from nigerians trading usa giftcards. Paxful ask for something simple in the event of a disagreement , for a picture of the card with trade chat in the background. Not one of the trades I was involved in a disagreement in was nigerian able to provide the information requested. This is because they cant! They cant ask their victims to do this for them as this would make their victims aware of the scams. Surely if it is a legit money transfer from a USA citizen to a Nigerian the Nigerian could ask their USA counterpart to log into their Paxful and provide the requested information. I am calling for the investigation of Paxful staff and its CEO Ray Yussef. Many of your staff will be arrested when you are caught. Paxful staff you should consider leaving your job. Going to prison for a company that is making you participate in illegal money laundering will not be worth the prison sentence. I will be forwarding this story to many news outlets. I have collected evidence from trades I have done. Even if I myself am incriminated I will be happy that I have managed to hinder these scammers from bringing misery to hard working people's lives. I POSTED THIS ORIGINALLY ON THE PAXFUL REDDIT PAGE. I WANT ANSWERS AS TO WHY THEY ALLOW THIS HOWEVER THEY TAKE DOWN ANYTHING THAT DOES NOT SUIT THEIR AGENDAS. Edit: [[link]3 This link provides an insight into just how much money laundering is happening on this platform. [[link]4 ^ If we reported the site to the above then maybe we can see a change. ''' Paxful.com and staff willfully allowing nigerian scammers to launder money Go1dfish undelete link unreddit undelete link Author: PurseV2 1: medium.co*/dl***c/*ax**l-is*the-most-i*p*r**nt*b*tcoin-comp*ny-*o*-*re*t-*ayi*g-attentio*-t**4e69*db*c5ca 2: ww*.sec****/repo**spubs/investor-*ubl*cat*ons*c**plain*s*tml*html 3: medium.c*m/dl*bvc/paxf*l-is-th****st*i*po*ta***bi*c**n-compa*y-y*u-*ren*-payin*-attentio*-to-*e*9*db0c*c*]^^1 4: www.se*.*ov/re**rtsp*bs*investo*-p*bl*cati*n***ompl*int*html.ht*l]*^2 Unknown links are censored to prevent spreading illicit content.
German Banks Authorized to Store and Sell Cryptocurrency in 2020. Next year German banks will be able to manage cryptocurrencies like bitcoin after the fourth EU money laundering directive goes into effect.
Bitcoin is easily laundered through unregulated exchanges. Unregulated cryptocurrency exchanges (those without Know-Your-Customer and Anti-Money-Laundering (KYC/AML) procedures, such as identity checks) can also be used to ‘clean’ Bitcoin, even without using a cryptocurrency mixing service beforehand. Bitcoin Money Laundering – Final Thoughts. Bitcoin is still a young technology with a relatively small market cap in comparison to traditional currencies. The majority of people, including criminals, earn in fiat currencies like the dollar or euro, first and foremost. The mainstream media may be missing the entire point when it comes to the How does Bitcoin Money Laundering work? Posted on 27 January, 2018 23 July, 2018 by Toshendra Kumar Sharma Despite the dozens of benefits that Bitcoins and the Blockchain Technology have to offer compared to the traditional banking system, there is a risk that Bitcoins can be used for money laundering. Laundering money through bitcoin is a bad idea—not only because it’s illegal, but also because it leaves a permanent trail. Defendants have repeatedly been undone because they’ve relied on The most simplified form of bitcoin money laundering leans hard on the fact that transactions made in cryptocurrencies are pseudonymous. The same concepts that apply to money laundering using cash apply to money laundering using cryptocurrencies. There are three main stages of crypto money laundering: Placement
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Bitcoin and Money Laundering #LIVE AMA with Simon Dixon Simon Dixon 116 watching Live now BITCOIN LIVE: DECISION TIME FOR BTC: ALTCOINS REVIEW: BIG RECOVERY FOR ALTS - Duration: 1:51:30. Bitcoin is not technically "coins," so it only seems best that a bitcoin wallet would not actually be a wallet. The public key is the area where deals are deposited to and withdrawn from. The Bitcoin community often brings up cases of fraud and corruption in major financial institutions, given recurring categorizations of Bitcoin as an enabler of crime and money laundering by some ... That's a direct result of anti-money laundering policies. This need to not worry most financiers because Bitcoin is legal in the U.S. and most other industrialized nations. Bitcoin and Money Laundering #LIVE AMA with Simon Dixon Simon Dixon 109 watching Live now Trump tears into Biden policies at press conference in the Rose Garden - Duration: 1:03:57.