Bestmixer.io Seized by Europol | Money Laundering
Europol suggested that on Wednesday that the Dutch Fiscal Information and Investigation Service had captured Bestmixer.io that’s a bitcoin trade mixer. An announcement from Europol called this activity since the”initial law enforcement actions of its type from such a cryptocurrency mixer services.”
Europol, FIOD and Luxembourg Authorities Seize Bestmixer.io
The performance that has been carried out together by Europol, FIOD and Authorities at Luxembourg was launched in June last year later Bestmixer providers were flagged by Web security company McAfee. After the crackdown, six servers have been captured from Luxembourg and the Netherlands.
Bitcoin trade mixer sites like Bestmixer.io run by pooling together capital and subsequently developing a new net of trades with the goal of obfuscating their origin. In essence, what the coin mixer consumers do would be to send money plus an excess fee and after that they are going to obtain their cash from another origin. This makes it hard to follow the original source of their funds. Bestmixer is a top cryptocurrency mixer which provides cryptocurrency mixing services for both Litecoin, Bitcoin Cash and Bitcoin Core.
Bestmixer has transacted 27,000 bitcoins because its launching
Based on Europol, the capital moving through Bestmixer.io are believed to have had a criminal origin or a criminal destination along with the mixer has been used to launder and hide criminal trade of capital. Since its launching in May 2018 Bestmixer.io had blended with an estimated 27,000 bitcoins attaining a turnover of roughly $200 million.
Bestmixer.io intentionally advertises their cash laundering services on the website where they’ve clarified the anti-money laundering policies but proceed to describe how blending could help prevent regulations making cash untraceable and anonymous. Offering this service is prohibited in many countries.
CipherTrace CEO, Dave Jevans said that the crackdown suggests that growth in regulation crypto-to-crypto services. This comes in the rear of European AMLD5 regulations and US FinCEN perspectives that suggest that cryptocurrency providers are cash business services and consequently ought to be subject to regulations.