HomeBitcoin NewsICE Agent Claims Bitcoin Becomes More Popular for Money Laundering Purposes

ICE Agent Claims Bitcoin Becomes More Popular for Money Laundering Purposes


For as long as people can remember, there have been allegations regarding Bitcoin and money laundering. So far, there has been very little evidence of such things actually happening. That doesn’t mean people aren’t using the world’s leading cryptocurrency for nefarious purposes, though. According to the US Immigration and Customers Enforcement, Bitcoin is playing an increasing role of importance in this regard. That is an interesting statement, for which no proof is offered right now.

There are many misconceptions regarding Bitcoin and other cryptocurrencies. More specifically, many people assume Bitcoin is anonymous. That isn’t the case, as it is one of the most transparent currencies in the world today. Moreover, the association between BTC and criminals also blown out of proportion. It is certainly true the dark web has been quite keen on Bitcoin over the past few years. However, money laundering is not necessarily one of the big problems to worry about. There are plenty of other financial tools to do so which are far less cumbersome in this regard.

Money Laundering and Bitcoin Don’t mix Well

According to one ICE agent, this situation is coming to change. Although the statement doesn’t include any official evidence, it is an interesting trend regardless. More specifically, it is possible Bitcoin is being used more commonly to launder money. How this would work exactly is a big mystery right now. Converting Bitcoin to cash requires the use of a platform adhering to KYC and AML regulations. It is anything but a convenient way to facilitate money laundering.

ICE special agent Matthew Allen comments as follows:

“HSI agents are increasingly encountering virtual currency, including more recent, anonymity enhancing cryptocurrencies (AECs), in the course of their investigations. AECs are designed to better obfuscate transaction information and are increasingly preferred by [transnational criminal organizations].”

It is quite remarkable to see these comments come to light right now. With Bitcoin reaching new all-time highs on a regular basis, there will be more interest in this cryptocurrency. That also means people interested in money laundering will look for new solutions. Whether or not Bitcoin will of great interest, remains to be seen. There are far better currencies which effectively provide privacy and anonymity. At the same time, moving large amounts of money is still impossible without attracting attention.

Header image courtesy of Shutterstock


JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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