• Latest
US Customs Official Claims Crypto Conversions Can Be Traced

US Customs Official Claims Crypto Conversions Can Be Traced

October 4, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

US Customs Official Claims Crypto Conversions Can Be Traced

coinnewsdaily by coinnewsdaily
October 4, 2018
in Business
0
US Customs Official Claims Crypto Conversions Can Be Traced
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

A “vulnerability” is created every time criminals convert from cryptocurrency to government-issued ones, an official with U.S. Immigration and Customs Enforcement said Tuesday.

Matthew Allen, an assistant director of domestic operations with the Homeland Security Investigations (HSI) division of ICE, discussed the role of cryptocurrencies in drug trafficking during an October 3 hearing before the U.S. Senate Caucus on International Narcotics Control.

“On dark net marketplaces and other ‘unindexed’ websites, purchases are often paid for with cryptocurrencies such as bitcoin and monero, among many others,” he said in a prepared statement.

Perhaps most notably, he noted that HSI is having some level of success in tracking criminals who use cryptocurrencies to launder proceeds from drug sales.

While cryptocurrencies make transferring value relatively easy, he contended, criminals still need to convert cryptocurrencies into fiat – and vice versa – during the process. “Whenever monetary exchanges are made, a vulnerability is created,” he went on to say.

“This is the time when criminals are most susceptible to identification by law enforcement means and methods,” Allen stated, explaining:

“Utilizing traditional investigative methods such as surveillance, undercover operations, and confidential informants, coupled with financial and block-chain analysis, ICE-HSI is able to disrupt the criminals and dismantle the [transnational criminal organizations], as well as the cryptocurrency exchangers who typically launder proceeds for criminal networks engaged in or supporting dark net marketplaces.”

Allen went on to discuss multiple types of cryptocurrency exchanges and how they may be used to facilitate money laundering. Peer-to-peer exchanges in particular, referring to startups which refuse to register as a money services business and do not follow compliance laws, are often used to ensure users remain anonymous.

Despite that, however, national and international agencies are training investigators in how to best track cryptocurrencies, he said.

“We train investigators … in an effort to deter organizations from laundering proceeds or using cryptocurrencies to fund the purchase of fentanyl/opioids or other narcotics,” he said.

ICE logo image via chrisdorney / Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Credit: Source link

Tags: Businesscriminal networksCryptoCrypto BusinessCustoms Officialfentanylmedia outletUnited States Senate
Share76Tweet48
Previous Post

Bitcoin Startup Acinq Raises $1.7 Million to Double Down on Lightning

Next Post

SBI Ripple Asia’s MoneyTap App Has Launched in Japan

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
SBI Ripple Asia’s MoneyTap App Has Launched in Japan

SBI Ripple Asia's MoneyTap App Has Launched in Japan

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,853.000.22%
  • ethereumEthereum(ETH)$1,779.342.66%
  • tetherTether(USDT)$1.000.08%
  • binancecoinBNB(BNB)$325.37-1.17%
  • rippleXRP(XRP)$0.3779620.05%
  • cardanoCardano(ADA)$0.53-1.36%
  • SolanaSolana(SOL)$42.48-0.43%
  • polkadotPolkadot(DOT)$9.151.99%
  • dogecoinDogecoin(DOGE)$0.0730613.51%
  • daiDai(DAI)$1.000.11%
  • Shiba InuShiba Inu(SHIB)$0.0000120.00%
  • matic-networkPolygon(MATIC)$0.93-0.57%
  • tronTRON(TRX)$0.0707720.50%
  • ethereum-classicEthereum Classic(ETC)$38.00-0.63%
  • OKBOKB(OKB)$18.39-0.19%
  • leo-tokenLEO Token(LEO)$4.80-1.32%
  • litecoinLitecoin(LTC)$62.330.44%
  • FTXFTX(FTT)$31.461.19%
  • chainlinkChainlink(LINK)$8.581.39%
  • CronosCronos(CRO)$0.1520371.61%
  • cosmosCosmos Hub(ATOM)$11.751.61%
  • moneroMonero(XMR)$168.111.18%
  • stellarStellar(XLM)$0.122828-2.79%
  • algorandAlgorand(ALGO)$0.45989324.78%
  • bitcoin-cashBitcoin Cash(BCH)$143.18-0.69%
  • vechainVeChain(VET)$0.031711-1.25%
  • filecoinFilecoin(FIL)$8.74-4.27%
  • Internet ComputerInternet Computer(ICP)$8.29-1.38%
  • tezosTezos(XTZ)$1.91-0.74%
  • theta-tokenTheta Network(THETA)$1.62-3.54%
  • ElrondElrond(EGLD)$66.18-1.58%
  • AaveAave(AAVE)$102.06-2.74%
  • eosEOS(EOS)$1.25-0.92%
  • bitcoin-cash-svBitcoin SV(BSV)$62.52-0.34%
  • makerMaker(MKR)$1,136.96-1.09%
  • zcashZcash(ZEC)$77.638.69%
  • iotaIOTA(MIOTA)$0.345559-0.90%
  • havvenSynthetix Network(SNX)$4.00-4.10%
  • paxos-standardPax Dollar(USDP)$1.000.05%
  • neoNEO(NEO)$11.67-0.62%
  • huobi-tokenHuobi(HT)$4.410.18%
  • basic-attention-tokenBasic Attention(BAT)$0.4524862.35%
  • zilliqaZilliqa(ZIL)$0.045605-1.22%
  • PancakeSwapPancakeSwap(CAKE)$4.45-3.59%
  • dashDash(DASH)$57.035.09%
  • wavesWaves(WAVES)$6.15-1.69%
  • KusamaKusama(KSM)$64.89-0.26%
  • bitcoin-goldBitcoin Gold(BTG)$29.34-0.72%
  • nemNEM(XEM)$0.052320-0.09%
  • qtumQtum(QTUM)$4.19-0.91%
  • CompoundCompound(COMP)$63.38-1.68%
  • yearn-financeyearn.finance(YFI)$11,398.56-2.54%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • omisegoOMG Network(OMG)$2.483.99%
  • ethlendAave [OLD](LEND)$4.103.48%
  • SushiSushi(SUSHI)$1.54-0.55%
  • golemGolem(GLM)$0.2744160.18%
  • ontologyOntology(ONT)$0.289371-1.08%
  • digibyteDigiByte(DGB)$0.01397411.33%
  • umaUMA(UMA)$3.06-0.03%
  • UniswapUniswap(UNI)$2.4438.80%