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

You’ll Need Zero Trust, But You Won’t Get It with a VPN
SD-WAN and SASE
Eyal Webber Zvik, Cato Networks 12.01.23

Properly implemented, a zero trust architecture provides much more granular and effective security than legacy security models. However, this is only true if a zero trust initiative is supported with the right tools. Legacy solutions, such as virtual private networks (VPNs), lack the capabilities necessary to implement a zero trust security strategy. Zero Trust Security is […]

Read more
4 Ways Where Remote Access VPNs Fall Short
SD-WAN and SASE
Eyal Webber Zvik, Cato Networks 09.01.23

The Global Content Delivery Network (CDN) market is expected to grow by $42.4 billion between now and 2032.

Read more
slider item
Content Delivery Network (CDN)
Francesco Altomare, Southern Europe Regional Manager @ GlobalDots 04.01.23

A Content Delivery Network (CDN) is a globally distributed network of web servers or Points of Presence (PoP) whose purpose is to provide faster content delivery. The content is replicated and stored throughout the CDN so the user can access the data that is stored at a location that is geographically closest to the user. […]

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