Money Laundering By Banks Vs Crypto Exchanges-Banks all over the world has developed their own history, with the underlying premise that they work for their customers’ satisfaction every single day. Cryptocurrency service providers do not seem to have that type of trusting history. The customer still believes in the banking system much more than crypto exchanges. Is it truly a fact, however, that all banks work and have always worked exclusively for the benefit of their customers. And with legitimate and ethical work processes? If you want the reality of the history and practices, then keep reading………

Danske Bank

Danske Bank is facing the largest-ever scandal to date for laundering more than $230 Billion, which was exposed in the month of September. It’s not just any ordinary bank, it’s the biggest bank in Denmark. The irony is critics are still focused on crypto exchanges, more than this financial crime.

In the past two years, banks have laundered $2.7 Billion every single day!! By crypto exchanges, it’s just a $9million in illicit funds. WSJ have done coverage on this. On Sept 28, Erik Voorhees, the CEO of popular cryptocurrency exchange Shapeshift, responded to this coverage.

Total money laundering done by banks in two years is equal to a whopping total of $1.97 trillion($1,971,000,000,000). Laundering is done on daily basis by banks, $2.7 billion per day. In contrast, only $9 million has been laundered by crypto exchanges in the entirety of 2 years.

WHETHER IT IS AN ISSUE OF MONEY LAUNDERING OR AN ESTABLISHMENT OF A NARRATION?

 Money Laundering By Banks Vs Crypto Exchanges-Government agencies and the media should focus more on banks than crypto exchanges because as is obvious by the figures it is fairly evident that the greater problem is with $1.971 Trillion not with $9Million in 48 months.

Thomas Borgen, Chief Executive of Danske Bank resigned because of the $230 Billion scandals. On his exit, he added that “I deeply regret that Danske Bank has failed to hold its responsibility in the case of possible money laundering in Estonia.”

Denmark is the cleanest country in the world and Danske Bank is its biggest bank. The proportion of the scandal is so big that it may single-handedly harm the reputation of the country. 

CRYPTO MONEY IS NOT CRIMINAL

Since from the inception of cryptocurrencies, it has been an openly voiced that cryptocurrencies are the go-to form of money for criminals. Contrary to many reports crypto is not anonymous. Block explorer can be used to track Bitcoin wallets and transactions. Many sophisticated tools are developed by startups like chainalysis to untangle transactions, which are much more transparent procedures than any bank implements.

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