The booming world of decentralized finance, which has collected more than $11 billion in cryptocurrencies in a matter of months, is a potential haven for money laundering, according to new research.
Globally, 56% of digital currency services have weak or porous “know your customer” controls, blockchain security firm CipherTrace said Thursday in a report. KYC procedures are meant to confirm the identity of users to prevent laundering.
“The last six to eight weeks have shown it to ...