The crypto exchanges in Finland and Russia have the most illegal proceeds

Finnish stock exchanges remain the most popular destination for illegal cryptocurrency proceeds.

The Scandinavian nation takes this ‘title’ for the third year in a row.

In its report on cryptocurrencies and AML, released in the spring of 2020, blockchain tracking company CipherTrace revealed that stock exchanges in Finland and Russia account for the majority of illegal funds.

According to CipherTrace, platforms in Finland alone receive more than 12% of illegal crypto transfers worldwide. 99% of these transactions are made through the Peer-to-peer (P2P) Market LocalBitcoins.

Russian cryptocurrencies account for another 5.3% of criminal cryptocurrency transactions. Most of these funds come from the market of the dark network – Hydra.

In total, the total theft of cryptocurrencies in the first five months of 2020 amounted to only 1.36 billion dollars. That figure is now almost a third of the $ 4.5 billion reported last year.

According to the report, COVID-19 fraud is a major part of the total theft of cryptocurrencies registered so far in 2020. Fraudsters have taken about $ 1 billion from more than 715,000 victims.

Earlier it was reported that fraud-related coronavirus continue to grow, even turning to groups like the World Health Organization (WHO)

report CipherTrace also highlighted the increasing acceptance of Bitcoin (BTC) for international payments of remittances. Excerpts from the report read:

“74% of bitcoins transferred from exchange to exchange are cross-border. 88% of the funds sent by American bitomas to stock exchanges in 2019 were sent offshore. “


Increased adoption of cross-border cryptocurrencies has led to a shift to more robust anti-fraud laws.