CandleFocus Bank of Italy Exposes Bitcoin P2P Platforms as Tools for Crime
2024-12-24
Author: Content Editor
The Bank of Italy has released a research paper expressing concern over Bitcoin peer-to-peer services that it labels as "crime-as-a-service," as they are being used for money laundering. These unregulated services, particularly in countries with weak laws, allow users to trade Bitcoin without identity verification, making it easier for criminals to hide illegal money. The report discusses various techniques used by money launderers, such as mixers, chain-hopping, and anonymous wallets, which make it difficult for law enforcement to track the origin of funds. The Bank of Italy recommends implementing stronger KYC and anti-money laundering rules to combat the misuse of cryptocurrencies.
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