Bitcoin & Crypto – A Haven for Criminals & Money Launderers

welcome everyone to what's happening in crypto exploring all of the latest from the crypto world and beyond a bloomberg expose points out how Bitcoin ATMs might be used in laundering money gonna clean my money oh yeah using that magical internet money whoo now the expose actually goes into talking about how there's a real lack of oversight how most Bitcoin ATMs are at least breaking one if not many laws kyc seems to be largely absent from most Bitcoin ATMs in the USA this story particularly focused on the USA now I read this story and I thought you know what yeah you can use a Bitcoin ATM to launder money cool this is a you know the democratization of money laundering this is great news for small-time criminals true story though if you are a small-time you know coke dealer or something like that well you can go down to these uh some of these more shady Bitcoin ATMs you pay your 20 or 30% fees and you might be able to launder your money using a fake ID and all these different kind of things but at the same time this whole process of the other kyc a scanner driver's license all this kind of different stuff IDs are stolen all the time crime is always going to find a way you can't blame this on Bitcoin you just can't people have been laundering money forever people have been trying to write over their crimes forever I can just imagine back in you know the Roman Empire and Roman times daily you need probably have gold is now being used as the money of choice for assassins they get paid in gold coins melt them down and make them into different gold coins it's unstoppable money is money money is always going to be used for some sort of tomfoolery if you will and this particular case obviously laundering their money from previous crime and of course they always have to question what are those crimes that have been committed because there's a big difference in terms of crime when it comes to try to launder your money are you a weed dealer in a state where it's not legal to sell weed laundering your money yeah may not be such an evil thing are you a self-employed prostitute trying to launder your money again not such a bad thing in fact it kind of sucks that you don't have legal services where you can do your money banking at but you don't you have to go through these kind of methods in order to you know get your money cleaned I suppose if you will we can go down the list you know of stolen goods we could all generally agree that that's not a very good use for a Bitcoin ATMs and that maybe there should be some kind of oversight on that or you know if you just taken twenty thousand dollars for a suite murder-for-hire job yeah you can still go launder your money using a Bitcoin ATM and I think that that's the kind of bad thing that a lot of people want to legislate for but by legislating for that one bad thing you take out a whole bunch of other things along the way and now look we can spend a lot of time on what about isms but I think the most important one of course is that banks banks banks and banks and banks again banks are the biggest money launderers in the world and this whole Bitcoin is used for money laundering thing in Bitcoin ATM is in particular used for money laundering sure of course it happens you'd be crazy to argue not because money is money money will always be money money will always be used to make crimes clean and to do weird things and things that other people might morally object or that might be criminal or whatever it might be that's money it will always be money it's a very important thing to remember now in terms of the banks on average it's it's so big we don't even know the exact numbers but they launder between 800 billion and two trillion dollars a year the banks that's with kyc that's with you know stringent oversight by governments and regulatory bodies and all this stuff up to two trillion dollars is probably more I wouldn't be surprised it was more that might be a conservative estimate but these are the official numbers that I found that's a tremendous amount of money being laundered every year not not via Bitcoin ATMs and some you know 7-eleven on some you know alleyway somewhere or something like that no these are people are walking right through the front door into a marble hallway where people say welcome to our bank sir please have a seat can I get you a cup of coffee we would love to help you launder your money that is happening to the tune of two trillion dollars a year right now Bitcoin money laundering it happens it's a very small number even with the wildest estimates of the Bitcoin ATM money laundering thing they said five hundred million and that's the wildest estimates ooming that almost all transactions happening on Bitcoin ATMs are you know money laundering endeavors which is of course not the case without a doubt the number will be much much smaller the fact that Bloomberg has to take the time to write a big expose about how Bitcoin ATMs are being used for laundering Bitcoin lacks a lot of police state intellectual honesty the term we can use here because again the banks the banks the banks the banks the banks and just because the bank serves laundering money yeah sure you can use bitcoins ooh but the real problem here is the traditional banking system is not Bitcoin money will always be used for this censorship resistant permissionless money it's gonna enable criminals sure why not it's also gonna enable people to send international remittances without using the banks it's also gonna allow people to be their own bank to buy things internationally without having to use PayPal or something like that and pay the fees that PayPal requires and so on and so forth the positives are so big they really really really outweigh the negatives and you can even see here in this story the only way that Bitcoin ATMs are really used for money laundering purposes or run the Bitcoin ATMs themselves don't adhere to any sort of kyc standards or people are using fake IDs if you're using a fake ID we'll come on come on how you supposed to stop that it's not that easy for an automated machine to check a fake ID is it so these things are gonna happen but these all have daily limits that don't make it so that it's again it's not billions of dollars being laundered through Bitcoin ATMs you simply can't get that much money out of them you just can't but the banks they can give you as much as you want they can launder all your money so for your money-laundering needs boys and girls don't use Bitcoin ATMs you just can't do enough you need to go to your local bank and inquire about their money laundering options that best suit your needs anyway just my two thoughts on Bitcoin ATMs being used for money laundering I'd love to know your thoughts about it down below in the comment section if you are new around here subscribed to the channel that would be super awesome if you enjoyed the video leave a thumbs up on it if you want to know when I put out a new video you can hit that notification bell a quick reminder that you guys are super awesome I thank you so so much for coming out and watching this video long live the blockchain and beats out the next time

11 thoughts on “Bitcoin & Crypto – A Haven for Criminals & Money Launderers”


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  2. if you are going to money launder then you'd likely move between several different blockchains to make it harder to track, so any could be pointed at.
    the whole reason goverments crack down on money laundering is because people complain "why aren't our governments doing something about it" when they are connected as 'the victim' some how.
    Politicians hear the cries, and then they try to do stuff about it.

    So this is why the government would never really promote a blockchain that wasn't more advanced than bitcoin to carry all the info that Cardano is going to have to appease banks..

    Banks may have their share of problems but the fact is that there will always be organizations that want to act as a lender of money and will have big pools of it. People always need to borrow for some reason or another.. and these organizations have to comply with governments. so they will always promote blockchains with more advanced policies.

    This is partly why bitcoin is a bad buy.. because, when it comes time for you to make payments on your loan and the financial department doesn't want to see anything but their "approved crypto".. then you need to keep moving out of other crypto's and into their approved one just to make a payment.. and it will get to the point where people just won't want to bother switching around all of the time that they just keep all of their money in that "approved crypto" because it's what so many institutions seem to expect.

    This is why it is important that Cardano does what it is trying to achieve.. if they don't, banks will just do it themselves and create their own blockchain with those things in mind.

    banks are here to stay.

    unless, if crypto like "Debitum" take off and expand to personal loans and other countries.
    Crowd-lending could be a thing. but it is only a matter of time before governments breathe down their backs too.

  3. Funny as usual. Thanks for making this content, as this is something not often talked about. Great video, Lark!

  4. That last comment was great,…….you / we need to use it as ammunition later   ""don't use bitcoin to launder……use the banks!!""         Great vid,…keep it up.

  5. what a dumb headline. banks and government kill ppl poison ppl. steal from ppl. steal countries. who fukin cares ur a dumbass

  6. Good points! Lots of Litecoins ATMs too! See below

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