RATE Group | Corrupt OTC Brokers Sent Dirty USD 1.5bn in Bitcoin to Binance and Huobi
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Corrupt OTC Brokers Sent Dirty USD 1.5bn in Bitcoin to Binance and Huobi

16 Jan Corrupt OTC Brokers Sent Dirty USD 1.5bn in Bitcoin to Binance and Huobi

Posted at 11:18h in Bitcoin News by

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Corrupt OTC Brokers Sent Dirty USD 1.5bn in Bitcoin to Binance and Huobi - Report 101
Source: iStock/JCollado

Criminals made some USD 2.8 billion worth of illegal transactions using bitcoin (BTC) on cryptocurrency exchanges last year, alleges a new report – with Binance and Huobi overwhelmingly their platforms of choice thanks to corrupt OTC brokers.

The report was compiled by blockchain analytics provider Chainalysis, which said that “illicit cryptocurrency” transactions at exchanges have “taken in a steadily growing share since the beginning of 2019.”

The analytics firm stated that “criminal entities” were increasingly looking to move their funds onto exchanges, with 27.5% of such transactions made on Binance platforms, 24.7% taking place on Huobi and other platforms accounting for the remaining 47.8%.

What is more, a small group of account holders appear to be responsible for most of the illicit activities on both platforms.

The Chainalysis report authors wrote,

“Just over 300,000 individual accounts at Binance and Huobi received bitcoin from…

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