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Auction platforms for NFTs may face regulatory pressure to comply with anti-money laundering legislation. Gou Wenjun, the director of a monitoring centre for the People's Bank of China, said that NFTs could "easily become money-laundering tools". He pointed to unlawful exploitation of cryptographic technologies and said that illicit actors ...
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
By using ICOs criminals launder these funds by buying tokens off of legitimate investors and selling them. This issue is intensified by the lack of measures against money laundering implemented by centralized cryptocurrency exchanges. [83] A well-known early example of money laundering using cryptocurrencies is Silk Road.
The NFTs were issued by Binance, the world’s largest crypto exchange. The lawsuit accuses both Ronaldo and Binance of "deceptive statements" to promote the "CR7" NFT collection, which was ...
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"In failing to implement even basic anti-money laundering policies, the defendants allowed KuCoin to operate in the shadows of the financial markets and be used as a haven for illicit money ...
Line Goes Up – The Problem With NFTs is a 2022 documentary film written and directed by Canadian YouTuber and video essayist Dan Olson on non-fungible tokens (NFTs), cryptocurrencies, and Web3. The video was published to his YouTube channel Folding Ideas on January 21, 2022.
Tumblers take a percentage transaction fee of the total coins mixed to turn a profit, typically 1–3%. [3] Mixing helps protect privacy and can also be used for money laundering by mixing illegally obtained funds.