What is the crypto laundering trend?

The crypto laundering trend has prompted a response from global regulators that have moved to bring cryptocurrencies under the scope of existing anti-money laundering regulations or introduced new AML/CFT laws applicable to cryptocurrency service providers.

Are cryptocurrencies being used for money laundering?

However, Europol said the trend is rising: "The use of cryptocurrencies in money laundering schemes has been increasing, and many criminal networks relied on cryptocurrencies as a payment medium during the Covid-19 pandemic." The Chainalysis figures only cover crimes such as ransomware attacks where criminals are paid in cryptocurrency.

How much cryptocurrency did criminals launder in 2021?

Criminals laundered $8.6bn (£6.4bn) of cryptocurrency in 2021, up by 30% from the previous year, a report by blockchain data company Chainalysis says. It says police could strike a "huge blow" by targeting key services used to launder cryptocurrency by criminals.

What is bitcoin money laundering?

Criminals use crypto money laundering to hide the illicit origin of funds, using a variety of methods. 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.