The International Consortium of Investigative Journalists (ICIJ) revealed how cryptocurrency exchanges can be exploited to move illicit funds globally. According to the investigative report, major platforms like Binance, Coinbase, Kraken, OKX, Bybit, and Kucoin were used in transactions linked to organized crime and drug trafficking.
The findings, part of ICIJ’s “Coin Laundry” series, tracked illicit flows using blockchain analytics and independent researchers. While the reports highlight criminal activity, they also demonstrate blockchain’s transparency, as authorities and analytics firms can trace transactions in ways impossible with traditional cash systems. Exchanges emphasized that they employ multi-layered compliance programs, AI monitoring, and partnerships with analytics firms to identify and restrict suspicious activity.
ICIJ stated the reports underline the challenge regulators face in keeping pace with a fast-moving global financial system built on blockchain. Observers say ongoing audits and enhanced analytics tools could further reduce misuse without hindering legitimate crypto innovation.
Source: https://www.icij.org/investigations/coin-laundry/
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