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Deutsche Bank

Deutsche Bank Caught Money Laundering After Labeling BTC ‘Criminal’

· 05 Dec 2018 in Cryptocurrency News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Deutsche Bank (DB) has been raided after being accused of being involved in money laundering activities. Two of the bank employees are the main suspects of this investigation. Deutsche Bank shares lost over 5% during the first trading hours. Back in April, Philippe Vollot, global head of the department in charge of financial crime, said hat cryptos are very attractive for criminals.

Deutsche Bank Involved In Money Laundering Scandal

Clearly, Deutsche Bank’s last decade is not the best for the recognized institution. The company was not able to recover from the financial crisis that the market experienced between 2008 and 2009. According to a report released by Bloomberg, Deutsche Bank AG’s headquarters were raided in order to seize documents and other files. The bank could be involved in money laundering activities.

Financial institutions such as banks have always been very hard with virtual currencies and Bitcoin (BTC). Back in April, Philippe Vollot asked for greater regulations in the crypto market because virtual currencies are very attractive to criminals.

On the matter, Vollot commented:

“Governments and regulators should thoroughly look into this to ensure that cryptocurrencies have the same financial crime protection rules as traditional payment solutions.”

At the same time, back in November 2017, Ulrich Stephan, mentioned that he would not recommend investors to place their funds in Bitcoin.  

However, Deutsche Bank is not the only company and bank involved in money laundering activities. Rabobank and Danske Bank were also key players at the time of laundering money for their clients. Indeed, Danske Bank has been accused of processing more cash than the whole cryptocurrency market capitalization.

Bitcoin has been used by several criminals in many different cases, that’s for sure. We have covered several times these situations at UseTheBitcoin. Nevertheless, a study published by the Foundation for Defense for Democracies revealed that less than 1% of Bitcoin transactions are illicit.

The study reads as follows:

“Our study, the first of its kind, indicates that while most types of conversion services have received some Bitcoins from illicit activity, the vast majority of the funds they receive do not appear to be illicit.”

Bitcoin was born as a new proposal for the financial world after the crisis that affected most of the countries. Since that moment, Bitcoin has been growing in the market and reaching $20,000 dollars back in December 2017.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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