Global money laundering through cryptocurrencies has reached $82 billion, with Chinese-language services playing a dominant role, according to a recent report by the blockchain analytics firm Chainalysis. The report highlights that networks operating in Chinese significantly contribute to the flow of illicit crypto transactions worldwide, indicating both the nature and geographic spread of this illegal activity. As cryptocurrencies gain popularity, financial crimes—especially money laundering—have surged. Money laundering aims to disguise illegally obtained funds as legitimate, and firms like Chainalysis analyze blockchain transactions to detect such activities. However, the growing influence of Chinese-language platforms complicates these efforts. The increasing presence of Chinese-language networks suggests regulatory and oversight challenges in parts of Asia. Despite strict crypto restrictions in China, illegal transactions continue through various online services, complicating the issue globally. This rising trend poses risks to the international financial system, including corruption, terrorism financing, and financial instability. To address these challenges, international organizations and governments emphasize the need for greater transparency and cooperation in blockchain monitoring. Going forward, stricter regulations and technology-driven solutions will become increasingly vital in combating illegal financial activities linked to cryptocurrency, with investigative firms like Chainalysis playing a crucial role in the global fight against financial crime.
Source: coindesk
