Chainalysis Report Confirms Huobi and Binance are Invovled in Laundering Illicit BTC Streams

Chainalysis is a well-respected blockchain analysis firm. In its yearly report, the findings do not paint a positive picture for some key crypto exchanges.

The yearly Chainalysis report always provides some interesting insights into the cryptocurrency industry.

Chainalysis Keeps Following the Funds

For years, bitcoin and altcoins have often been associated with money laundering and tax evasion. 

This report seems to confirm that there is some truth to these statements in the end.

Criminals have been attracted to cryptocurrencies for some time now. 

There have always been numerous questions as to how they launder those proceeds.

According to Chainalysis, cryptocurrency exchanges play a role in this regard.

There are also the so-called mixing services, gambling sites, and darknet markets, albeit those represent much less of a solution.

In fact, the major exchanges most people rely on are becoming an increasingly popular target for money laundering efforts.

Both Binance and Huobi combine for over 52% of all illicit bitcoin received by trading platforms.

All of the remaining illicit BTC seems to find its way to numerous exchanges as time progresses. 

Of the accounts receiving illicit funds, few of them are “extremely active”, according to Chainalysis.

That is interesting to note, and further confirms blockchain analysis is crucial to cryptocurrencies in general.

Research like this can help put an end to all of the illicit activity plaguing this industry. 

Image(s): Shutterstock.com

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