Digital forex ATMS ‘more and more used for cash laundering’ within the US drug market: DEA


In line with a report launched by america Drug Enforcement Administration, digital forex ATMs are more and more getting used to launder the proceeds of drug trafficking.

In a single new reportThe legislation enforcement company stated drug traffickers are turning to digital forex ATMs as a strategy to illegally switch cash to keep away from detection.

Particularly, the report highlights a pointy enhance in BTC withdrawals from Darkish Net retailers in 2020, which is alleged to have been a response to issues about “lack of funds” because of fluctuations in digital forex costs.

The DEA additionally famous that lockdown restrictions from COVID-19 had delayed some shipments, leading to funds being held longer in escrow – and due to this fact topic to greater forex danger towards fluctuating markets on this planet. cryptocurrency, earlier than sellers can money out.

It is usually believed that tighter border restrictions between america and Mexico as a result of pandemic have additionally performed a task, with disruption of bodily money channels pushing extra organized criminals to make use of digital forex and ATMs. in its place.

As a substitute of holding money, digital forex permits sellers to immediately ship digital forex, minimizing the danger of holding and transferring massive quantities of fiat forex.

In line with the DEA, some $ 1.7 billion in digital forex was spent in on-line darknet markets in 2020, of which unlawful medicine are a big half.

The news sees the DEA become the latest agency to report concerns about the illicit use of digital currencies like BTC in the United States, which has become the currency of choice for organized criminals. It remains to be seen whether the report will influence policy regarding digital currency ATMs, which remain operational in the United States and beyond.

Follow CoinGeek’s Crypto Crime Cartel series, which dives into the flow of groups – from BitMEX to Binance,, Blockstream, Metamorphose, Coinbase, Ripple and Ethereum – who co-opted the digital asset revolution and turned the industry into a minefield for naive (and even experienced) market players.

New to Bitcoin? Discover CoinGeek Bitcoin for beginners section, the ultimate resource guide to learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.


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