Bitcoin Money Laundering: How Criminals Use Crypto

Owner of bitcoin money laundering service arrested in Greece

An article has been circulating in Greek news sites over the past few hours about a 38 year old Russian being arrested in northern Greece, in cooperation with the US DOJ, for operating a bit money laundering service. Source did not include any further information, will update if any more come up.
Source [greek]: http://www.amna.gmacedonia/article/174558/Sunelifthi-diethnos-diokomenos-egkefalos-egklimatikis-organosis
Edit: Source [Associated Press]: http://hosted.ap.org/dynamic/stories/E/EU_GREECE_MONEY_LAUNDERING
submitted by kostasdizas to Bitcoin [link] [comments]

Bitcoin "Mixer" Services called illegal and thrown into money laundering category by government.

Bitcoin submitted by scgco to GGCrypto [link] [comments]

What software do you need?

I run a small internet business and I am looking for something to build in the marijuana space. Some kind of subscription service for dispensaries would be ideal.
You are probably thinking there is no way you are sharing your brilliant idea with some bum on the internet. Well I'm not here to steal your idea. I'm here to build it for you. Ideas are worthless without execution and I have the time and expertise to actually make it.
So what kind of software do you need? CRM? Inventory Management? Bitcoin money laundering service? You name it.
I used to work for a big tech company and was constantly working on ideas to make some extra money. Eventually one of my sites started making enough for me to live on. I quit my job and now run a few small websites and services full time.
Ever heard of the bingo card guy? I am aspiring to that.
I'm just one person and am not looking to make a million dollars. So get out of here with your "pot social network" or "uber for weed" idea. It's been done by people far better than me.
What I can do is design a product that makes your life a little easier and then resell it to other dispensaries with the same problem. If that sounds like something that interests you, lets talk.
submitted by weedegnineer to weedbiz [link] [comments]

Bitcoin Service Bottle Pay Closing Due to New Anti-Money Laundering Regulations

Bitcoin Service Bottle Pay Closing Due to New Anti-Money Laundering Regulations submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

New Anti-Money Laundering Regulations Forcing A Bitcoin Service Firm to Close Down

submitted by cryptoallbot to cryptoall [link] [comments]

New Anti-Money Laundering Regulations Forcing A Bitcoin Service Firm to Close Down

submitted by cryptoadventura to Crypto_Currency_News [link] [comments]

New Anti-Money Laundering Regulations Forcing A Bitcoin Service Firm to Close Down

submitted by cryptoadventura to CryptoCurrencies [link] [comments]

Bitcoin Service Bottle Pay Closing Due to New Anti-Money Laundering Regulations

Bitcoin Service Bottle Pay Closing Due to New Anti-Money Laundering Regulations submitted by n4bb to CoinPath [link] [comments]

Shower thought: How do regulators suggest Bitcoin's "dark" uses (payment for drugs, weapons, money laundering, other potential illicit activities) warrant negative propaganda against Bitcoin when USD fiat has literally billions of dollars out there just to service organized crime?

submitted by gtacontractor to Bitcoin [link] [comments]

What the ACTUAL CHINESE NOTICE (not summary) says: This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.

People keep analysing the press release summary not the notice and the press release summary is inaccurate.
What the actual Chinese notice (not press release summary written by someone else) says in an ACCURATE SUMMARY IS:
This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.
see here:
This is the actual translated Chinese notice.
begin quote
" People's Bank of China Ministry of Industry and Information Technology China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission
Notice on preventing Bitcoin risk
Recently, a so-called Bitcoin calculated using certain computer programs gained widespread worldwide attention, there are also organizations and persons in China taking this opportunity to promote Bitcoin and related products. In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, according to the People's Bank Act, the Anti-Money Laundering Act, the Commercial Bank Act, Telecommunications Regulations etc, the following notice is made:
1 Correct knowledge of Bitcoin
Bitcoin has four main characteristics: no central issuer, limited quantity, no geographical limits and anonymity. Although it is called currency, it is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency on the market.
(OP reviews: so 1. It doesnt have LEGAL status as an official currency issued by the state becuase it is not and so it shouldn't be CALLED a currency. you can however trade and exchange things for it without restirction as long as you aren't laundering money. That's like saying you can't call a Bitcoin a USD dollar because it isn't. THe government doesn't back it. None the less it is compleletely legal to buy sell or hold or exchang ethings for it. You can exchange stuff for it. it is legal to do that and buy and sell it and hold it. just like you can trade a can of beans for an ounce of gold. you just CAN'T SAY ITS OFFICIAL CHINESE CURRENCY BECAUSE IT ISNT. THAT 'S ALL)
2 Financial institutions and payment institutions must not start Bitcoin related business
At this stage, all financial institutions and payment institutions(only emphasis added - othe rbusinesses can do as they like) must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly provide other Bitcoin related services, including registering, trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
(OP reviews: so in other words banks stay out of bitcoin and don't manipulate it and play any of your corner the market games with it or charge customers fees for it.)
3 Strengthening regulation of Bitcoin websites
According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.
The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.
(OP reviews: register your websites - about as minimal a requirement as they could have given)
4 Prevent possible Bitcoin money laundering risk
Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring.
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police.
(OP reviews: don't launder money with Bitcoin. track people and report those who look suspiciously like they ARE laundering money with btcoin. everyone else - you are ok to do as you like with Bitcoin- its official- bitcoin is fully legal.)
5 Strengthening public education on money knowledge and investment risk
Departments, financial organizations and payment organizations should in their daily tasks teach the public the correct concept of currency, to emphasize on public education about currency, and to add to public financial knowledge education the contents of correct knowledge of currency, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on currency and investing.
(OP reviews: educate people so they aren't deceived. duh)
Financial monitoring authorities can set implementation details according to this notice
Would the People's Bank branches please distribute this Notice to financial organizations and payment organizations in their area. Any new situations or questions arising from this notice please report promptly to the People's Bank." " END QUOTE
This comes from the link below and is ONLY THE BOTTOM PART. NOT THE TOP PART WHICH IS SOMEONE ELSES PRES RELEASE SUMMARY AND WRONG.
http://www.reddit.com/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/
edit:
additional confirmation of my interpretation from
http://www.scmp.com/business/banking-finance/article/1374052/surge-use-bitcoin-leads-ban-china-trading
"However, the central bank said the public was free to take part in internet transactions provided they take on the risk themselves. Internet companies serving as trading platforms should ask clients to register with information including their name and identity card number, it said.
Bitcoin exchanges may be forced to inform authorities about sizeable or suspicious transactions, Bloomberg reported, citing unnamed sources."
also
"The People's Bank of China (PBOC) said no financial institutions, payment agencies or insurers should price products and services in bitcoin, nor are they allowed to trade or provide bitcoin exchange or settlement services. "
submitted by georedd to Bitcoin [link] [comments]

FED Biz Ops post- Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool

submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

FED Biz Ops post- “Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool

FED Biz Ops post- “Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool submitted by Your-Doing-It-Wrong to Bitcoin [link] [comments]

Wells Fargo’ anti-money laundering chief has launched a group to examine how it might safely offer Bitcoin-related services or banking arrangements to virtual currency entrepreneurs

http://www.reddit.com/Bitcoin/comments/1v7ij6/wells_fargo_calls_bitcoin_rules_summit/ so you can avoid the pay wall
submitted by ActualAdviceBTC to BitcoinMarkets [link] [comments]

"The Financial Services Agency (FSA) of Japan is reportedly compelling virtual currency exchanges to delist privacy-centric altcoins in an effort to minimize the risk of cyberhacking and money-laundering. https://t.co/7LqkzwLESY" $btc $ltc $neo $eth #btc #bitcoin #crypto #et…

submitted by fcukjerry to BitcoinDayTrade [link] [comments]

03-24 00:12 - 'Crypto Payment Service Payza Hit with Money Laundering Lawsuit' (shortyy.xyz) by /u/Blewete removed from /r/Bitcoin within 40-50min

Crypto Payment Service Payza Hit with Money Laundering Lawsuit
Go1dfish undelete link
unreddit undelete link
Author: Blewete
submitted by removalbot to removalbot [link] [comments]

Bitcoin Jesus: Blockchain.info's third party money laundering service unrelated to unscheduled maintenance.

Bitcoin Jesus: Blockchain.info's third party money laundering service unrelated to unscheduled maintenance. submitted by c4a to Buttcoin [link] [comments]

Shower thought: How do regulators suggest Bitcoin's "dark" uses (payment for drugs, weapons, money laundering, other potential illicit activities) warrant negative propaganda against Bitcoin when USD fiat has literally billions of dollars out there just to service organized crime? /r/Bitcoin

Shower thought: How do regulators suggest Bitcoin's submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Silk Road bitcoin seller BTCking sentenced to 4 years in prison under money laundering, unlicensed money service business statutes

Silk Road bitcoin seller BTCking sentenced to 4 years in prison under money laundering, unlicensed money service business statutes submitted by goonsack to Bitcoin [link] [comments]

Bitcoin as a money laundering service

Looking at transactions on blockchain and seeing major money ($2000-$10000) moving from 1 address to another in a seeming endless chain, feels like someone is using some sort of bot to constantly move money around. I even sometimes a "hub" address where a large deposit comes in and gets split into many smaller amounts to other addresses.
Can anyone expand on this? I want to learn more about this. I wonder if a tracking bot can be written that follows the money around and determines origin and destination and see how money is moving around.
submitted by theonlybond to Bitcoin [link] [comments]

My bitcoin is currently tied to my bank account. I want to use a few mixing services to change that, but wouldn't sending money to a mixing service identify me as a money launderer?

submitted by vvvu to Bitcoin [link] [comments]

New Financial-Privacy Service Lets You Buy Bitcoin Directly From Mines, Challenges Concept Of Money Laundering

New Financial-Privacy Service Lets You Buy Bitcoin Directly From Mines, Challenges Concept Of Money Laundering submitted by unchained_btc to Bitcoin [link] [comments]

Redditor Catches and Gives Chase to Thief Through a Bitcoin Tumbler (virtual money laundering service)

submitted by letsgofightdragons to bestof [link] [comments]

How To Launder Bitcoin  Silicon Real Bitcoin & Crypto - A Haven for Criminals & Money Launderers $4 Billion Bitcoin Money Laundering Operation Revealed Involving Alexander Vinnik and BTC-E Bitcoin Money Laundering: Trustless Mixing What's HOT In Crypto Right NOW! - Crypto & Bitcoin TA ...

A Californian man has entered a guilty plea to federal authorities for operating a Bitcoin money-laundering operation.Kais Mohammad, age 36, operated a rather extensive enterprise that encompassed Bitcoin ATMs and personal trading services to clients he knew were using cryptocurrency to launder illicit gains. Illegal Bitcoin operationMohammad pleaded guilty to money laundering, operating an Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. [ July 27, 2020 ] Exploring Decentraland: A Review of the Virtual World Built on Ethereum Ethereum [ July 27, 2020 ] The Crypto Daily – Movers and Shakers – July 27th, 2020 Monero [ July 27, 2020 ] Visa Moving to Integrate With Digital Currency Platforms The most simplified form of bitcoin money laundering leans hard on the fact that transactions made in cryptocurrencies are pseudonymous. The same concepts that apply to money laundering using cash apply to money laundering using cryptocurrencies. There are three main stages of crypto money laundering: Placement Bitcoin is easily laundered through unregulated exchanges. Unregulated cryptocurrency exchanges (those without Know-Your-Customer and Anti-Money-Laundering (KYC/AML) procedures, such as identity checks) can also be used to ‘clean’ Bitcoin, even without using a cryptocurrency mixing service beforehand.

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How To Launder Bitcoin Silicon Real

Problems of Bitcoin:44% of bitcoins are used for illegal activities: Money laundering, Crime, Financing terrorism, Narcotics and drug, DarkWeb, Buying illegal items and goods, Hacking exchanges, $4 Billion 💰 Bitcoin Money Laundering Operation Revealed Involving Alexander Vinnik and BTC-E - Duration: 12:41. The Cryptoverse 12,440 views. 12:41. Jim Rogers ... How are criminals using bitcoin to launder money? How is money laundering with bitcoin different from traditional money laundering methods? If asked right now, can you explain what money laundering is? More importantly, did you know that money laundering is the reason for pizza in USA? In this video, co-founder of ASCL, Rohas Nagpal ... Bloomberg reports on the evils of Bitcoin ATMs for laundering money for criminals. How serious is it? ... How Money Laundering Works with Real Estate - Nerdsplaining Jay-Z The Story of OJ ...

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