After the huge reveal that the world’s top financial institutions have been actively involved in laundering criminal money, it has been a reminder to us all that Bitcoin has an unearned reputation.
As per the reports of various major banks, it was identified that these institutions have been actively involved with criminals and corrupt governments, by assisting them in moving trillions of dollars around the world.
All these reports were known as ‘FinCEN Files’ as the reports were submitted to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). As per ‘New York Times, “there were more than 2,100 suspicious activity reports released, which accounted for more than $2 trillion of transactions occurring from 1999 to 2017. Such reports were filed by lenders, Bank of America, Deutsche Bank, JPMorgan Chase, and Bank of America. These lenders were involved in moving funds of organizations having ties to “Taliban, groups connected to North Korean regime and organizers of a sovereign wealth fund fraud in Malaysia”.
The revelations about the top financial institutions around the world have also unveiled the false misconception that was created about the reputation of Bitcoin in regards to money laundering.
For a long time, Bitcoin has held the reputation of being a currency that facilitates suspicious transactions. Bitcoin gained this reputation because of its features of pseudonymity and privacy protections, it became the currency that was most preferred by the most prolific darknet market, Silk Road. Silk Road was considered to be the prominent fixture in the Bitcoin economy, as per a report published in 2013.
But this is far from reality, as Bitcoin is a tool for disguising financial transactions at low transaction fees. There are some other cryptocurrencies other than Bitcoin that are far better at providing more privacy.
Bitcoin blockchain networks have been of great assistance in the past two years for governments and law regulators, as it has assisted in the identification and prosecution of many criminals, like Graham Ivan Clark, the mastermind behind the biggest twitter hack, who hacked various Twitter accounts of different celebrities and famous personalities to execute a cryptocurrency scam.
So the statement that Bitcoin is a tool that is used by criminals is nothing more than a myth. As FinCEN Files have uncovered the world’s top financial institutions are regularly laundering money.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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