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A comment on Binance kept weak money-laundering checks even as it promised tougher compliance. Parent comment

Re:Binance kept weak money-laundering checks even as it prom... by raesene9 on Friday January 21, 2022 @02:28PM (#30028746)
Why do you need to move it out of crypto to launder it? Laundering is concealing the source of funds to avoid it being associated with a criminal activity. You can run it through a tumbler then use the proceeds to buy an NFT, the coins used will appear to be clean.

If you're feeling fancy you could then re-sell the NFT, no need to touch fiat.

[ Parent | on HN ]
Re:Binance kept weak money-laundering checks even as it prom... by thr0waw4yz on Friday January 21, 2022 @02:35PM (#30028842)
You need to provide origin of funds for purchases exceeding a few thousand bucks (depending on jurisdiction). At some point you would wanna sell the NFT to buy something from it.

I mean sure, there is the dark web, or face to face trading... If you're into that.

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Re:Binance kept weak money-laundering checks even as it prom... by raesene9 on Friday January 21, 2022 @02:46PM (#30028981)
I'm guessing that very much depends on the jurisdiction. Those people that took $30m this week and all the previous thefts this year alone, they all had a plan for how to move that money and I've not seen many of them get caught...

According to https://blog.chainalysis.com/reports/2021-crypto-scam-revenu... - scammers took in $7.7b in 2021 alone, if they couldn't do anything with those funds, doubtful they'd go the effort of stealing them :)

[ Parent | on HN ]