Friday, June 14, 2024
More

    Latest Posts

    Tether’s Role in Criminal Activities Highlighted by United Nations in East and Southeast Asia

    UN Report Reveals "Tether Crypto Currency" Role in Organized Crime Surge in East and Southeast Asia

    New York, January 21, 2024: The United Nations sheds light on “Tether” increasing popularity among criminal organizations, particularly in East and Southeast Asia. The renowned international organization, through its Office on Drugs and Crime (UNDOC), emphasizes the cryptocurrency’s pivotal role in facilitating organized crime activities, such as money laundering and fraud.

    According to the UNDOC report, Tether has emerged as the preferred platform for criminal enterprises, contributing to the establishment of a parallel banking system by these illicit groups. The utilization of cryptocurrencies in illegal financial transactions provides several technical advantages compared to traditional methods.

    Cryptocurrencies, including Tether, offer anonymity at the time of their creation, allowing for discreet financial operations. The swift account creation process and low-cost setup enable criminals to establish complex money laundering systems with just a few lines of code. The volatility of cryptocurrency values further facilitates justifying unexpected changes in users’ financial standings.

    One particular area of concern highlighted by the UNDOC is the proliferation of online casinos, especially those operating outside legal frameworks. These platforms, often inadequately regulated or completely unregulated, have become ideal environments for money laundering activities.

    The UNDOC underscores the symbiotic relationship between the growing number of online casinos and the technical possibilities offered by cryptocurrencies, calling for increased regulation within the crypto ecosystem to combat organized crime effectively.

    Tether, known for its stability as a stablecoin, has become a preferred choice for criminal organizations engaging in illicit financial activities. The cryptocurrency’s relatively stable nature ensures smooth transfer operations, making it an attractive option for many illegal casinos.

    The report emphasizes the urgent need for regulatory measures to address the collaboration between online casinos and criminal organizations, advocating for stricter oversight and control within the crypto ecosystem.

    “Tether is the fastest-moving digital currency, with a daily trading value comparable to that of Ether and Bitcoin combined.”

    As the UNDOC brings attention to the rising use of Tether in criminal activities, there is a growing consensus on the necessity of comprehensive regulatory frameworks to curb the misuse of cryptocurrencies in facilitating organized crime.

    Latest Posts

    -advertisement-

    Stay in touch

    To be updated with all the latest news, offers and special announcements.

    -advertisement-

    Discover more from MegaloPreneur

    Subscribe now to keep reading and get access to the full archive.

    Continue reading