Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Articles about Cryptocurrency => Topic started by: sirty143 on October 09, 2018, 10:13:07 AM
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The United States announced the possibility of tracking criminals in the process of converting cryptocurrency in Fiat
As Matthew Allen, the deputy director of internal operations for the United States Immigration and Customs Police (ICE), pointed out the criminals are particularly defenceless when converting cryptocurrencies into fiat money.
In particular, he expressed this opinion during the speech in the Senate, describing the use of cryptocurrency by drug traffickers and the success of the unit in tracking transactions of digital assets of the criminals in money laundering.
“At the darknet markets and other “non-indexable” sites, the purchases are often paid for using cryptocurrencies, like Bitcoin and Monero,” explained Allen.
Usually, the cryptocurrency exchanges and p2p platforms, as well as the ICO projects, can be used for money laundering, the policeman pointed out.
The sum of $ 5.7 million was spent on the analytics of transactions in cryptocurrency in the United States, of which $ 1.5 million was paid to the ICE analytical companies.
Source: https://www.xmlgold.eu/en/news/article/754/tracking-process-of-converting-cryptocurrency-in-fiat/
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There are ways to launder these coins such as buying legit items using bitcoim in private deals. Also, OTC trades or p2p where you meet in person and use cash transactions