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According to BanklessTimes.com, there has been a 63% year-on-year surge in funds being funnelled through cryptocurrency mixers in 2023.
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BanklessTimes Crypto analyst Alice Leetham commented on the data:
“This alarming increase raises questions about the effectiveness of money laundering (AML) and know-your-customer (KYC) regulations within the crypto space. Many countries express concerns that certain international cryptocurrency platforms serve as money laundering hubs that pose a threat to security. To better understand this issue, let’s take a look at cryptocurrency mixers.”
Adding: “Cryptocurrency mixers are services specifically designed to enhance privacy and anonymity when conducting transactions. These platforms operate by gathering funds from users, blending them together, and then distributing them to their intended recipients.”
The full story and statistics can be found here: Illicit Funds in Cryptocurrency Mixers Soar by 63% YoY in 2023
