🚩😅 Are Crypto Exchanges and Bitcoin ATMS Doing Enough To STOP SCAMS 😅🚩 That is the $2 Billion question. Where transnational criminals are executing the largest fraud schemes involving cryptocurrency and human trafficking that we have ever seen. I think its easy to say "Crypto Exchanges and ATMs are the problem", but as we discovered at CryptoForensic Investigators it's a little more complex and nuanced than just that. Here are some things to keep in mind if you are in compliance whether in the traditional or crypto world 💭⬇️ 🧩 The crypto companies are only seeing a piece of the puzzle. A new customer sending to a new crypto address, is hardly going to raise too many red flags and scams normally don't get reported or attributed in tools like Chainalysis and Crystal Intelligence until much later 🌍 Much of the illicit activity is connected to sometimes complex typologies where certain regions like Nigeria are using cryptocurrency in a way that seems perfectly legitimate (i.e. protecting against a devaluing fiat currency), but also such activity maybe connected to certain scams 🐷 Pig Butchering is all about exploiting trust from the victim. So many times a crypto exchange customer is not going to be exploited for months after the initial transfer from the legit exchange to a fake crypto platform that criminals operate, making it much harder for crypto exchanges to provide preventative measures 🛫 Travel Rule requirements in places like the EU will force exchanges and many bitcoin ATMs to obtain destination information of where their customers are sending funds too, which may lead to many red flags for compliance staff, which may not facilitate the payment 💔 Just like in traditional romance scams. The victim doesn't think they are a victim. And the reality is they will go to several exchanges and bitcoin ATMs - no matter the amount of times these organizations try to prevent them from sending money. We have watched enough Dr. Phil episodes to realize that victims will go to great length to send money to people they believe they are in love with. Any other things that crypto exchanges and bitcoin atms should take into account when dealing with these scams or frauds ⭐️ PJ Rohall ⭐️ Trisha Kothari ⭐️ Matthew Hogan, ⭐️ Paul Raffile ⭐️ Erin West ❓❓❓
