Cryptocurrency

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 <p class="is-style-lead">Match Systems, a leading firm in anti-money laundering solutions, has released a new report on crypto<a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> <a rel="noopener noreferrer nofollow" title="misuse" href="https://thebittimes.com/tag/misuse.html">misuse</a> <a rel="noopener noreferrer nofollow" title="cases" href="https://thebittimes.com/tag/cases.html">cases</a> in Latin America.</p> 
 <p>The report reveals two significant illegal activities involving cryptocurrencies: a large-scale drug trade operation and a complex financial pyramid scheme.</p> 
 <p>The report is based on the research conducted by Match Systems after identifying suspicious crypto<a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> transactions related to drug funds. The firm found that a Telegram user, @uruguay_cocaiin_cannabis, used crypto<a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> for money laundering. The user was offering cocaine and cannabis for sale and accepting payments in various cryptocurrencies. The user also used a popular crypto exchange in Latin America to convert the illicit funds into fiat <a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a>.</p> 
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 <p>Match Systems also discovered that Elitepremium.ltd was conducting a crypto scam. The company claimed to be a legitimate investment platform offering extraordinarily high user returns. However, the company was running a Ponzi scheme, a fraud that paid existing investors with the money from new investors. The company used cryptocurrencies to attract and deceive investors, as well as to evade detection and regulation.</p> 
 <p>The report shows that crypto scammers and drug dealers may use renowned crypto exchanges in Latin America for money laundering. These exchanges should comply with their respective jurisdictions’ Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations. However, the report suggests there may be gaps or weaknesses in these exchanges’ compliance and monitoring systems, which allow criminals to exploit them for their illicit activities.</p> 
 <p>Match Systems concluded that Latin America needs robust monitoring and regulation of crypto<a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> transactions, as it is evident that illegal activities, such as drug trading and financial pyramid schemes, often involve popular crypto<a rel="noopener noreferrer nofollow" title="currency" href="https://thebittimes.com/tag/currency.html">currency</a> exchanges. Therefore, enhanced AML/CFT measures are necessary to prevent the <a rel="noopener noreferrer nofollow" title="misuse" href="https://thebittimes.com/tag/misuse.html">misuse</a> of cryptocurrencies for illegal purposes and protect the crypto industry’s integrity and security.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cryptocurrency-misuse-cases-in-latin-america-tbt63545.html">https://thebittimes.com/cryptocurrency-misuse-cases-in-latin-america-tbt63545.html</a></p>

Cryptocurrency misuse cases in Latin America

TheBitTimes

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