Chainalysis have revealed their discovery that last year crime-related bitcoins totalling $2.8 billion were laundered through crypto exchanges. The blockchain analysis firm published the report showing that over 50% of unlawful bitcoins in 2019 were laundered through popular crypto exchanges Binance and Huobi. The remaining amount was carried out via different exchanges globally, with over 300,000 exchange accounts involved with illicit bitcoins. Chainalysis have argued that exchanges have the power to catch criminal behaviour with more stringent KYC measures, however many exchanges are not in favour of this as it may interfere with the transactions of legitimate investors.
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