Security News > 2020 > January > How Cybercriminals Are Converting Cryptocurrency to Cash

Cybercriminals are using increasingly sophisticated methods to turn illicitly gained cryptocurrency into cash, which raises new concerns about enforcing anti-money laundering laws, according to a report by blockchain analysis firm Chainalysis.

The emergence of these types of rogue cryptocurrency exchanges, along with technical advances, have made tracking virtual currency used in cybercrime, as well as terrorist financing, more difficult for law enforcement, the Chainalysis report finds.

In addition to these 100 brokers, the Chainalysis report found that two cryptocurrency exchange organizations, Binance and Huobi, are helping to convert illegally gotten bitcoins and other virtual currencies into cash.

The Chainalysis report urges law enforcement agents and regulators to become experts in crypto-based technology in order to start fighting money laundering in cryptocurrency.

Advancements in cryptocurrency have also enabled terrorist organizations to carry out sophisticated financing campaigns using cryptocurrency, Chainalysis noted in another section of its report.

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