Crypto

Chainalysis Report Confirms Huobi and Binance are Invovled in Laundering Illicit BTC Streams

Chainalysis is a well-respected blockchain analysis firm. In its yearly report, the findings do not paint a positive picture for some key crypto exchanges.

The yearly Chainalysis report always provides some interesting insights into the cryptocurrency industry.

Chainalysis Keeps Following the Funds

For years, bitcoin and altcoins have often been associated with money laundering and tax evasion. 

This report seems to confirm that there is some truth to these statements in the end.

Criminals have been attracted to cryptocurrencies for some time now. 

There have always been numerous questions as to how they launder those proceeds.

According to Chainalysis, cryptocurrency exchanges play a role in this regard.

Related Post

There are also the so-called mixing services

, gambling sites, and darknet markets, albeit those represent much less of a solution.

In fact, the major exchanges most people rely on are becoming an increasingly popular target for money laundering efforts.

Both Binance and Huobi combine for over 52% of all illicit bitcoin received by trading platforms.

All of the remaining illicit BTC seems to find its way to numerous exchanges as time progresses. 

Of the accounts receiving illicit funds, few of them are “extremely active”, according to Chainalysis.

That is interesting to note, and further confirms blockchain analysis is crucial to cryptocurrencies in general.

Research like this can help put an end to all of the illicit activity plaguing this industry. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Solana’s $3.2M Entrepreneur Story & BlockDAG’s $1 Potential

How Solana Transformed an Entrepreneur’s Life & Why BlockDAG Could Be the Next Millionaire Maker…

3 hours ago

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

8 hours ago

Binance Coin Whales Reap Big Profits as Polkadot Struggles; A New Crypto Presale Is Dominating Investor Attention

BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…

10 hours ago

Three Crypto That Surprised The Market: Rollblock, Cardano, and XRP

The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…

10 hours ago

As Bonk (BONK) and Pepe (PEPE) Shine, Rollblock (RBLK) Captures the Market’s Attention With Upcoming Reveal

Meme coins are back with a bang and are as insanely volatile as ever! Bonk…

10 hours ago

2024’s Top 9 Crypto Staking Platforms to Make Passive Income

Staking has become one of the most effortless ways to generate passive income in the…

13 hours ago