The number of suspicious crypto payments in Japan has increased tenfold in the past year. This is the latest money laundering report by the Japanese police. However, despite the rapid increase, crypto transactions are only a fraction of the money laundering suspicions. The majority of unregistered funds continues to change hands in cash.
Fraud, theft, drug trafficking – the anonymity of cryptocurrencies has always attracted criminals who want to disguise their financial activities. This potential of Bitcoin & Co. seems to have been recognized by Japanese money launderers these days: As reported by the local newspaper Japan Times this Thursday, February 28, the number of suspicious crypto transactions in the East Asian islands over the past twelve years has been negative Months increased tenfold.
After Japan’s plague of hacking and digital bank robberies in recent years, the relevant authorities had obliged the Japanese exchanges in April 2017 to list all transactions and report suspicious payments.