According to a study by Bloomberg, over $100 billion of illegal cash have been transferred via the cryptocurrency market since 2019, causing substantial effects on stablecoins and controlled exchanges.
Stablecoins are being utilized more frequently by criminals, and they currently account for the majority of illegal transactions inside the cryptocurrency realm. More than 50% of these illegal money are ultimately deposited into controlled exchanges like as Binance and Coinbase.
Kim Grauer from Chainalysis emphasized the increasing complexity of money laundering schemes and the utilization of novel tokens and strategies to evade detection. Criminals find stablecoins and centralized exchanges appealing because they let them to mix illegal funds with lawful transactions.
Regulators worldwide have been aware of the increase in illegal financial transactions, leading to Binance being under to US supervision after being fined $4.3 billion by the Department of Justice. Stricter controls have resulted in a decrease in the influx of suspicious funds to exchanges, down from over $2 billion to around $780 million each month.
