Jun 14, · Bitcoin is the largest blockchain-based digital asset, with a market capitalization of $ billion as of June It is considered to be the most successful cryptocurrency ever. The following. Bitcoin traders in Britain are being investigated by American justice officials as part of an inquiry into criminal price manipulation in digital currency markets. US justice officials are investigating UK bitcoin traders as part of their inquiry into the manipulation of cryptocurrency prices.
Bitcoin investigation to focus on british tradersBitcoin is Criminal Money Says the Media While Deutsche Bank Gets Raided for Laundering
They seized documents — both electronic and physical — as part of the operation that took place just before 9 a. The five-year investigation prompted by the Panama Papers has uncovered evidence to suggest that the German lender had been involved with the setting up of off-shore accounts for clients in various tax havens.
The bank is also accused of failing to report suspicious accounts believed to have been used to receive illegally obtained cash. Deutsche Bank is one of the most fined financial institutions in all of Europe.
Despite the narrative in the mainstream media about Bitcoin being used to launder money, Deutsche Bank employees were able to commit their financial crimes without the use of the digital currency at all.
Perhaps then, it is not Bitcoin that is the problem. That said, many big names from the world of traditional finance continue to delight in denouncing Bitcoin for apparently playing a role in global money laundering operations. Using the threat that something could be used for some nefarious reason as a reason to discredit it is frankly ridiculous. That said, it is nothing new.
The internet was attacked early in its existence on the grounds that it would enable child pornography and terrorist organisations, for example. However, it has also enabled folks to keep in touch with long lost friends, order just about any product imaginable from the comfort of home and levelled the playing field for content creators of all types.
These benefits far outweigh the negative impacts of the technology. Likewise, Bitcoin might be used by a tiny minority to launder money. However, the financial freedom it is bringing to the world is well worth this slight downside. Besides, as the Deutsche Bank raid today highlights, money laundering will continue with or without Bitcoin.
Based in Europe, Rick has written about the cryptocurrency industry since Still, digital coins continue to be a global investment craze, drawing legions of loyalists to industry conferences, generating celebrity endorsements and increasingly attracting the attention of Wall Street. The illicit tactics that the Justice Department is looking into include spoofing and wash trading -- forms of cheating that regulators have spent years trying to root out of futures and equities markets, the people said.
In spoofing, a trader submits a spate of orders and then cancels them once prices move in a desired direction. Wash trades involve a cheater trading with herself to give a false impression of market demand that lures other to dive in too. Coins prosecutors are examining include Bitcoin and Ether, the people said. The investigation, which the people said is in its early stages, is the U.
For instance, the Securities and Exchange Commission has opened dozens of investigations into initial coin offerings, in which companies sell digital tokens that can be redeemed for goods and services, due to suspicions that many are scams.
But if the agency finds fraud in spot markets, it does have authority to impose sanctions. The limited oversight of crypto trading makes it a target for crooks, said John Griffin, a University of Texas finance professor who has studied manipulation, including in digital-coin markets.
Cameron and Tyler Winklevoss have also urged trading platforms to band together to form a group that would serve as a self regulator for the industry. Some market participants have alleged that crypto manipulation is rampant. Binance KR has decided to shutter its operations in South Korea according to an announcement released on Thursday. As part of the press statement, Binance KR attributed the move to Corporate blockchain solutions provider Waves Enterprises has partnered with Chinese decentralized ledger technology DLT startup Conflux Network to boost hybrid data transactions As recorded by on-chain analytics resource We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other.
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