The cryptocurrency market is booming, and with that comes the need to be cautious.
The market is filled with many different coins, and while some of them may be a good investment, others are not quite… clean.
What is a "dirty" cryptocurrency?
A dirty coin is a coin that has been used for money laundering or other illegal activities. What for many are the pros of cryptocurrency (decentralization, anonymity), some may consider it to be the cons. How to trace payment for human trafficking if you do not understand who to trace?
In general, "dirty" cryptocurrency can be divided into 2 large categories:
Importantly, if you haven't committed any crimes with dirty assets, but they end up in your wallet, they're still dirty. Ignorance of the law does not exempt you from responsibility, so if you decide to conduct any transactions with them, the exchange may not accept them or block them altogether.
How to understand that cryptocurrency is "dirty"?
The answer is simple: AML services.
AML stands for "anti-money laundering" and is the recognition of financial fraud based on data analysis.
Special services have been created for cryptocurrency that help secure your assets. The most famous of them are: Crystal Blockchain and Chainalysis.
I bought a "dirty" cryptocurrency, what awaits me?
The consequences vary depending on the country you are in. In general, due to the presence of dirty cryptocurrency, you can be dealing with:
1. Freezing of transactions and loss of funds.
2. Wallet and account blocking on regulated exchanges.
3. High fines (up to €200,000).
4. Criminal liability.
How to protect yourself from "dirty" cryptocurrency?
If you don't want to spend money on AML services, then you should buy crypto on a reliable platform, e.g. Any.Cash.
Any.Cash is a secure and convenient digital wallet in Telegram. The company uses AML/CTF, KYC/CDD procedures. In this way, it conducts an asset check for you.
Just a few clicks and you can exchange 100% pure cryptocurrency for fiat, cash or other tokens. Register using the link to stop worrying about the purity of your money.