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Do OTC Brokers Have a Hand in Exchanges Receiving Illegal Bitcoin?

 
Do OTC Brokers Have a Hand in Exchanges Receiving Illegal Bitcoin?
Exchanges / Breaking News / Bitcoin
  • In a new report from Chainalysis, research makes the claims that all of the leading platforms in the crypto space have received illicit Bitcoin.
  • According to the research, almost $3 billion in illegal Bitcoin were tracked down to crypto platforms over the course of the last year.
  • Around 300k accounts have been found at such platforms to have received the leading cryptocurrency.

In a new report from Chainalysis, research makes the claims that all of the leading platforms in the crypto space, including Binance and Huobi, have received illicit Bitcoin with the aforementioned platforms leading the pack compared to the other options available in the market. According to the research, almost $3 billion in illegal Bitcoin were tracked down to crypto platforms over the course of the last year. From this, just over 27 per cent was traced to Binance with almost 25 per cent going back to Huobi. The remaining 47.8 per cent went to all the other platforms in the industry. 

Around 300k accounts have been found at such platforms to have received the leading cryptocurrency through illegal means by criminals. 

The CCO of Binance, Samuel Lim said the following in reaction to the report:

“We recognize our ongoing responsibility to ensure the integrity of our platform and safeguard it from bad actors, including any traders or brokers providing money-laundering services. As global capital flows into crypto, we are aware of the growing trend and movements of illicit funds, and we are working with like-minded partners such as Chainalysis to improve on existing systems and address these concerns.”

The research has indicated that over the counter brokers are the ones basically fueling this activity. 

It will be interesting to see how this situation plays out. What will happen to the illicit bitcoin? It’s unlikely that anything will be able to happen or the time being but for more news on this and other crypto updates, keep it with CryptoDaily!

 

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