Despite the common misconceptions around the fact that cryptocurrencies are used as a means of illegal activity, the CEO of the world’s largest cryptocurrency exchange Binance believes otherwise. Crypto Transactions are ‘Too Traceable’ Citing a report from blockchain analysis firm Chainalysis, Binance CEO Changpeng Zhao (CZ) pointed out that only 0.15% of the total cryptocurrency transaction volume last year was for illicit activities, which was the lowest ever. In 2019, the figure stood at 3.37%, while in 2020, it was 0.62%. With crypto transactions linked to illicit activity dropping dramatically over the past year, the Binance boss noted that perhaps the so-called bad guys are ‘moving away from crypto’ as they appear to be ‘too traceable.’ For instance, anyone can download the Bitcoin blockchain and see the details of every transaction. Compared with private banking transactions, there is zero visibility of the transaction or traditional bank transfers, where records and information about transactions remain only between institutions and don’t provide a complete picture of fund flows. The CEO of Binance later went on to ask the crypto community ‘What % of bank transactions are illicit? And the size of assets in banks vs crypto? Anyone know?’ Chainalysis: "Transactions involving illicit addresses represented just 0.15% of crypto tx volume in 2021". All time low. Shows bad guys moving away from crypto. Too traceable. What % o...
