According to NL Times, the laundered money is supposed to have come from several dark web dealings in unlawful goods. The man accused is a 38-year-old British man living in Amsterdam. It’s unproven that he was accountable for cleaning over 11.5 million euros during the years he was active. It’s thought that he received Bitcoin from traders of narcotics and other contraband items and sold them using his own bank account. He then removed the funds in local currency and refunded them, minus a cut for himself, to the creative party.
The Public Prosecutor declares that the man took an unusually high percentage of the funds. It’s thought that he charged between five and eight percent for carrying some of the burdens of risk for his clients.
Along with the charges of money laundering, the suspect is also thought to have been formerly calming cannabis unlawfully.
Bitcoin and other cryptocurrencies have long been related to money laundering. Though, just because something illegal is possible using a certain tool doesn’t mean the tool must be incessantly tarred with that brush. It’s likely to murder someone with a lump hammer.
Critics of Bitcoin love to play the money laundering card at any time they can. The fact is there are plenty more examples of money laundering that takes place using other forms of currency. Newly, US Bankcorp were forced to pay a hefty fine for the very same crime. Also, one of Bitcoin’s fiercest naysayers, Jamie Dimon of JP Morgan Chase, has continually specified that crypto is only good for criminal use. This comprises money laundering. Just weeks after making his well-known fraud remarks JP Morgan they were charged with money laundering. Evidently, existing money laundering laws are failing and it’s a cop-out to blame an innovative form of currency for their limitations.