Redditors blast FT article on crypto criminality for one-sided view

The Crypto Community Scorned The Financial Times (FT) Article Because it’s out of balance.

characterized by crime

Works by Jemima KellyUsing crypto for crime is not a bug, it’s an industry featureIt argued that speculation and crime are the main uses of cryptocurrencies.

The authors argue that because cryptocurrencies operate “outside the system,” criminal and illegal activities can occur undetected by authorities, concluding that crime is an inherent feature of cryptography. rice field.

When challenged that technology is neutral, Kelly said:

“But this is simply not true. Cryptocurrencies were designed as censorship-resistant payment mechanisms that operate outside the traditional financial system and beyond the authority of regulators.”

In support of her claims, Kelly referred to the CFTC’s enforcement action against Binance, saying the exchange deliberately laundered criminal proceeds with the approval of its chief compliance officer.

And despite 2022 being marked by price collapses and high-profile bankruptcies, Chainalysis data reveals that illicit crypto trading has grown 11% year-on-year to reach $20 billion, It highlights the prevalence of criminal activity within the sector.

Crypto Redditors Call Out Hypocrisy

In response to Kelly’s article, Reddit post Redditors highlighted the lack of balance, noting that the article conveniently overlooked the role of fiat currencies in criminal activity.

The most upvoted comment referred to Credit Suisse being embroiled in a money laundering scandal, adding that unlike cash, blockchain “at least” allows some degree of accountability audit trail.

“Discuss how Credit Suisse washed away all the money of the African warlords, or how drug cartels have been using the US banking system for decades?

At least we can track everything in cryptography!”

Similarly, another Reddit user said criminals prefer banking systems that allow for “secret record keeping.”

according to 2022 National Money Laundering Risk Assessment Report According to the US Treasury Department, the cryptocurrency market has experienced significant growth since 2018. Nevertheless, the report found that money laundering using virtual assets is significantly lower than fiat currency.

“The use of virtual assets for money laundering is much less and more traditional than the use of fiat currencies. method”

Chainalysis reported that fraudulent addresses will receive a total of $20.6 billion in 2022, most of which will be authorized addresses. This remains his highest since 2017, but fraudulent transactions in 2022 still account for only 0.24% of all cryptocurrency transactions.

The post Redditors denounced the FT article on cryptocrime in a one-sided view first appeared on CryptoSlate.

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