Terrorist financing just 0.05% of all illicit crypto transactions: report
NEW DELHI: Amid fears that the Taliban group in Afghanistan may turn to as a way to finance its operations, digital currency exchange platform Coinbase has said that transactions associated with terrorist financing in 2020 made up less than 0.05% of all illicit volume in crypto. Moreover, illicit activity represented far less than 1% of all activity in the crypto space in 2020.
“While the industry has come a long way since Satoshidice, Mt. Gox and the Silk Road, illicit activity has dwindled but not fully ceased. However, representing far less than 1% of all activity in the crypto space in 2020, illicit activity is no more of a concern for the crypto-economy than it is for the traditional financial system," Coinbase wrote in a blog on Medium, publishing the findings of an analysis conducted by its special investigations team.
The analysis focused on the largest terrorist financing-related organizations’ fundraising efforts over the past few years.