The illicit funds arrive at these exchanges either directly or indirectly, after the criminals use different methods to cover up asset trails, it added.
Criminals turn to centralised exchanges because of the high liquidity and ease of converting cryptocurrencies into fiat, said the report on trends in money laundering in the crypto world released on July 11.
It said these exchanges are integrated into traditional financial services and can help blend illegal funds with legitimate activities.
“There are currently hundreds of centralised services in any given year that receive over US$1 million in illicit funds,” said Chainalysis.
This story is from the July 12, 2024 edition of The Straits Times.
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This story is from the July 12, 2024 edition of The Straits Times.
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