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Major Banks Unknowingly Process Billions in Crypto Business, Says CipherTrace

Published 12/16/2019, 06:54 AM
Updated 12/16/2019, 08:41 AM
Major Banks Unknowingly Process Billions in Crypto Business, Says CipherTrace

Blockchain intelligence firm CipherTrace has claimed that large banks may be processing up to $2 billion in undetected cryptocurrency-related transfers each year.

In a press release shared with Cointelegraph on Dec. 16, CipherTrace claims that its research unit has found that every one of the United States’ top 10 commercial banks have unregistered cryptocurrency businesses using their payments networks to process funds.

  • Detecting unknown risks between VASPs and bank payments networks such as SWIFT and ACH
  • Providing access to CipherTrace’s risk scores for crypto-related businesses
  • Identifying unregistered MSBS and peer-to-peer systems that rely on bank services
  • Countering dark web risks and detecting illicit financial products or laundered funds enabled by cryptocurrency transactions
  • Continue Reading on Coin Telegraph

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