Europol director Rob Wainwright recently revealed to BBC’s Panorama that an estimated 3-4% of the £100 billion made through illegal means in Europe were being laundered through cryptocurrencies.

Wainwright explained that the laundering process involved distributing the dirty money in smaller amounts to “mules” who then convert it back to cash and return it to the criminals. He added that there was no way for the authorities to freeze the virtual funds even if they do discover them.

The Europol chief called on regulators and industry leaders to come together to address the issue, saying that the latter needed to have a better sense of responsibility on how they are running their cryptocurrency business.

Source: BBC

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