Recently, the Malaysian police have uncovered an illegal cryptocurrency exchange that was involved in a USDT-powered money laundering and gambling syndicate. The exchange was operating without a license and was found to be facilitating illegal activities such as money laundering and online gambling.
According to reports, the exchange was using Tether (USDT) to launder money and facilitate illegal online gambling activities. Tether is a stablecoin that is pegged to the US dollar and is often used by cryptocurrency traders to move funds between exchanges quickly.
The Malaysian police have arrested four individuals in connection with the illegal exchange and have seized over RM2.4 million (approximately $580,000) in cash and cryptocurrencies. The police have also frozen several bank accounts that were linked to the exchange.
This is not the first time that cryptocurrency exchanges have been used for illegal activities such as money laundering and online gambling. In fact, the anonymity and decentralization of cryptocurrencies make them an attractive option for criminals looking to move funds across borders without detection.
However, it is important to note that not all cryptocurrency exchanges are involved in illegal activities. Many legitimate exchanges operate with proper licenses and adhere to strict regulations to prevent money laundering and other illegal activities.
In Malaysia, cryptocurrency exchanges are required to register with the Securities Commission and comply with anti-money laundering and counter-terrorism financing regulations. Failure to do so can result in fines and imprisonment.
The Malaysian police’s crackdown on this illegal exchange sends a strong message to other cryptocurrency exchanges operating without proper licenses and regulations. It also highlights the importance of proper regulation in the cryptocurrency industry to prevent illegal activities and protect investors.
In conclusion, the Malaysian police’s discovery of an illegal cryptocurrency exchange involved in money laundering and online gambling is a reminder that not all cryptocurrency exchanges operate within the law. It is important for investors to do their due diligence before investing in any cryptocurrency exchange and for regulators to enforce proper regulations to prevent illegal activities.
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- Source: https://zephyrnet.com/malaysian-police-busts-illegal-crypto-exchange-suspected-of-usdt-powered-money-laundering-and-gambling-syndicate-bitcoinworld/