Most digital exchanges are unregulated and therefore unqualified to safely process cryptocurrency transactions. They don’t employ necessary know-your-customer (KYC) tactics, and roughly $1 billion in digital asset funds have been stolen since the start of 2018.These are the unsettling claims made by a new report released by blockchain and virtual currency forensics firm CipherTrace.The most popular target currency still appears to be bitcoin, and one of the document’s key findings is that roughly 97 percent of bitcoin used in illegal transactions or that stem from criminal activity are sent to unregulated digital exchanges that enforce weak anti-money laundering (AML) tactics. An exchange is considered lacking in AML mechanisms if it does not regulate illegal drug dealing, maintain records over time, report suspicious or large transactions, or enforce KYC regulations, the report details.In addition, nearly 5 percent of all bitcoins received by unregulated exchanges come from criminal transactions, and some of the world’s top exchanges have laundered as much as $2.5 billion in BTC. To uncover these findings, researchers at CipherTrace examined over 45 million cryptocurrency transactions through roughly 20 of the world’s largest and most dominant exchanges. A transaction was marked as “criminal” if it came from a dark market website or through means of extortion, ransomware, malware or terrorist financing... For Further Information Click on Below Button