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[deleted] t1_j00wiae wrote

Reply to comment by tektektektektek in Binance CEO Facing Possible Money Laundering Charges by habichuelacondulce

Yeah but it's a lot more convenient to wash crypto than the old cash-in-a-walking-stick trick.

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ThisAltDoesNotExist t1_j01avqk wrote

Except the blockchain is an indelible record of transactions. Cash has no clear origin and you just need a convincing story without other evidence that disproves it. This? This is from my cash only business. We're doing great!

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[deleted] t1_j02et2n wrote

[deleted]

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ThisAltDoesNotExist t1_j02lmsn wrote

Without in person interactions yes, but there are entire books about law enforcement compromising wallets over time and mapping illicit transactions. Monero was explicitly encrypted to prevent tracking and preserve anonymity. So they banned it in the UK.

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genjitenji t1_j02p1ra wrote

Monero is completely banned in the UK? Damn that sucks hard.

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shmeggt t1_j024v60 wrote

While the physical cash has no chain of custody, when making a large purchase or depositing large amounts of cash, the bank is going to need to understand source-of-funds.

This is the hard things about cash... it's hard to spend in large amounts. You really need a bank account when spending a large amount of money.

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ThisAltDoesNotExist t1_j026afr wrote

Which is what I meant by "you just need a convincing story" and then described the most common method of money laundering.

It is also very difficult to spend a large quantity of cryptocurrency.

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shmeggt t1_j027cbi wrote

You don't have to spend the crypto... You just have to launder it, which is far, far easier because of how many cryptos exist.

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ThisAltDoesNotExist t1_j027nn5 wrote

Nonsense. The moment you try to get it into the regular banking system to spend it you face the same questions of origin.

You may as well say you don't need to spend the cash, you can just leave it in a safe.

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shmeggt t1_j028nex wrote

Here's what you do....

"I'm a crypto investor. I trade quite a lot and have been quite successful in doing that. I invested $500 in LaunderCoin which went up by 8,000,000%. I trade a lot looking for the next great coin."

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jtmarshiii t1_j026zp9 wrote

You also have to physically hand it to someone... making law enforcement's job easier.

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Rawniew54 t1_j01dl4s wrote

Don't even need a story just spend it discreetly or launder through fake business

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