"Crypto exchange companies in Canada are evading finance laws by offering to buy thousands of dollars in digital currencies without proper registration or without checking ID. And two international platforms contacted by an undercover journalist proposed to deliver as much as $1 million in cash to a location in Montreal in exchange for cryptocurrency. Canada has long had a problem with dirty money in its"
"But the idea that anyone, from drug cartels to would-be terrorist plotters, can use a crypto-to-cash service to wire cryptocurrency to a foreign, unregulated digital wallet and then go collect tens of thousands of dollars in cash anonymously somewhere in town or the reverse strips away the controls at the blockchain's on- and off-ramps. If you have this way to move money with absolutely zero checks on it, you're facilitating an unlimited amount"
Crypto exchange companies in Canada are evading financial regulations by buying large amounts of digital currency without proper registration or ID checks. Some international platforms offered to deliver up to $1 million in cash to a Montreal pick-up location in exchange for cryptocurrency. Storefront and online crypto services combined with weak regulation and enforcement are expanding opportunities for laundering and illicit finance. Cryptocurrency decentralization complicates identifying parties across millions of transactions, though investigators can trace initial coin purchases and conversions back into cash. Crypto-to-cash services that enable anonymous wiring to unregulated wallets and anonymous cash pickups remove critical controls at on- and off-ramps.
Read at www.cbc.ca
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