Cryptocurrency

<div class="cryptonews"> 
 <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> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Mark Cuban loses $870k in MetaMask-related crypto scam 
 </div> 
 <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> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Latin American Residents Can Now Buy Crypto with Fiat on OKCoin 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<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

Các bài viết khác được xuất bản trên 21 thg 9, 2023

CELO Price Prediction: Will CELO Price Continue To Consolidate?

DOGE and SHIB Made DeFi Fun in 2022, While Bitcoin Spark is Hailed as the new 100X Blockchain

Cryptocurrency Hardware Boom: Market to Surge to $5 Billion by 2032

Crypto Trading vs Forex: Profit Opportunities vs Risks and Challenges

Is Binance Truly Delisting All Stablecoins in Europe Due to MiCA?

Can Shiba Inu Realistically Hit $0.01 in 5 Years? Analysts Weigh In on the Meme Coin's Future

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!