Debunking the myth: Cryptocurrency is used for criminal activity
The transparency of blockchain technology and the active involvement of crypto exchanges help law enforcement agencies combat criminal activity. Cryptocurrency is often associated with criminal activity, but this is mostly a myth, especially today. Bitcoin (BTC) and other cryptocurrencies don’t provide complete anonymity due to the Know-Your-Customer (KYC) policies implemented by most crypto exchanges. Even without KYC scanning, law enforcement agencies can easily track crypto transactions to identify criminal activity, as the blockchain is transparent and immutable. In 2019, United States Treasury Secretary Steven Mnuchin said that Bitcoin was a national security issue, since it had been used for illicit activities. To him, cryptocurrencies were dominated by illegal activities and speculation. But the facts say otherwise. Though illicit crypto volumes reached an all-time high at $20.6 billion in 2022 (primarily due to sanctioned entities), the share of all crypto activity linked wit