Home Resources Blog Dramatic Increase in Cryptocurrency Money Laundering

Dramatic Increase in Cryptocurrency Money Laundering

Admin Globaldots
06.07.2018
image 1 Min read

Three times more cryptocurrency was stolen from exchanges in the first half of 2018 than in all of 2017, according to CipherTrace. These dirty funds all need to be “laundered,” which results in a multi-billion-dollar and growing cryptocurrency money laundering problem that is attracting the attention of regulators globally.

The research report, which looks at the state of the cryptocurrency Anti-Money Laundering (AML) market, provides insights into the pending global cooperation and crackdown by the G20 international 37-nation financial crime-fighting Financial Action Task Force (FATF).

The current rules, which seem strict on the surface, call for exchanges to: be registered or licensed, verify customers’ identities, prevent money laundering, and report suspicious trading and transactions. Unfortunately, they are voluntary.

According to Reuters, the FATF is currently discussing making crypto exchange rules binding. Additional global enforcement action is also expected from US Financial Crimes Enforcement Network (FinCEN), and it will likely target money laundering services, crypto-to-crypto exchanges and privacy coins.

Image Source

Read more: Help Net Security

Learn More

What is FinOps? The Complete Guide
Cloud Cost Optimization
Nesh (Steven Puddephatt), Senior Solutions Engineer @ GlobalDots 31.05.23

While cloud-computing supports immense innovation – providing limitless resources in the pursuit of greater output and agility – public cloud end-user spending is projected to reach a staggering $600 billion this year. Hyperscale cloud vendors remain driving forces behind this growth, having proven their salt as highly strategic launchpads for digital transformation. The competition for […]

Read more
Cloud Cost Optimization: A Strategic Approach to Business Expansion
Cloud Cost Optimization
Francesco Altomare, Southern Europe Regional Manager @ GlobalDots 18.05.23

FinOps is a strategic framework designed to manage and optimize cloud costs effectively. It’s a transformative approach that brings financial accountability to the forefront of the variable spend model of cloud computing. This model allows businesses to gain a firm grip on their cloud expenses, ensuring that every dollar spent is accounted for and utilized […]

Read more
AWS Data Transfer Cost Optimization: Everything You Need to Know
Cloud Cost Optimization
Nesh (Steven Puddephatt), Senior Solutions Engineer @ GlobalDots 17.05.23

While AWS services provide a wealth of mission-critical services – storing over 2.2 trillion objects in S3 – many organizations are left floundering in the solution’s complex pricing structures. Spanning transfer types and geographies, data transfer costs can be hugely unpredictable and rapidly get out of hand.  Below, we leverage decades of industry experience to […]

Read more
Unlock Your Cloud Potential
Schedule a call with our experts. Discover new technology and get recommendations to improve your performance.
Book a Demo