Government Report Suggests Tightening Regulations on Crypto ATMs

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The USGAO says crypto is increasingly used to facilitate human and drug trafficking – and suggests “anonymous” ways of obtaining cryptocurrencies, including bitcoin kiosks, is partially to blame. cheyenneligon reports.

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The agency suggested that the IRS and Financial Crimes Enforcement Network should work together and take a firmer hand in regulating the kiosks. The GAO’s findings that crypto-enabled crime is rising are at odds with a new report from crypto research firm Chainalysis, which found that although crypto crime is increasing by volume, it reached an all-time low as a percentage of all blockchain transactions in 2021. In other words, as cryptocurrencies has become more mainstream, crypto crime will continue to rise, but the growth in above-board crypto transactions is outpacing illicit activity.

The increasing adoption of crypto payments for online sex marketplaces can, according to the GAO, be attributed to the difficulties of accepting credit and debit card payments – something that was seen last year when sex-focused content subscription service OnlyFans decided to This doesn’t mean the government is unable to seize crypto used in drug trafficking. In 2021 alone, the IRSDuring its investigation, the GAO found that, of all ICE investigations that involved crypto, 36% related to drug trafficking. For the IRS, a quarter of its crypto investigations were drug related. And for the USPS, a whopping 85% of the agency’s crypto seizures involved drug trafficking.

“Money couriers deposit large volumes of cash from illegal drug proceeds into a kiosk to convert the value to virtual currency,” the report said. “Once the illicit proceeds are in this form, the funds can easily be transferred to another virtual currency user’s wallet, reducing the risk associated with transporting bulk currency.

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USGAO cheyenneligon

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USGAO cheyenneligon

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USGAO cheyenneligon

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USGAO cheyenneligon

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USGAO cheyenneligon 🧐 $ far exceed crypto in illicit use (at least according to recent studies published by the FBI); simply because crypto, by virtue of DLT, is by far more easily traceable than cash! So the assertion is explicitly manufactured to squash DLT’s indiscriminate transparency! 🤔…

USGAO cheyenneligon And the big banks of the world were caught laundering $3 trillion+ for drug cartels and human traffickers… last I checked that’s 30% more than the entire crypto market cap… no arrests, just a small fine and then it’s business as usual.

USGAO cheyenneligon Now Btc facing a kingpin charge🤣😂fucktheGoverment they are stupid

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USGAO cheyenneligon This is a cheap excuse! Human and drug trafficking has been a problem way before Cryptocurrency.

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