International

WSJ Money Laundering Claims Are False’: Shapeshift CEO

ShapeShift has challenged the findings of a Wall Street Journal (WSJ) investigation that pointed to the virtual coin trading platform over the last two years as the chief channel for money laundering in the crypto market. Recently, ShapeShift crypto exchange CEO Erik Voorhees blamed the US newspaper of “neglecting” evidences and mistake how cryptocurrency and blockchain function.

The WSJ stated that its investigation had exposed that $89 million was legalized through 46 crypto exchanges. Due to its anonymous trading policy, ShapeShift accounted for $9 million of it, as compared to other platforms. A North Korean agent, a stolen-credit-card dealer and the instigator of an $80 million Ponzi scheme had a usual difficult. They required to launder their illegal money. They found a common solution in ShapeShift.

However, as per Voorhees, this assumption is improper and deceptive, going on to claim that the WSJ presses are unable to recognize how the crypto market works. He further stated that the exchange has never allowed services in countries on the US sanction list and has an internal anti-money laundering (AML) program that uses blockchain-collected forensic data.

The company has cooperated with investigators in 13 countries and made a self-policing group that spreads information to numerous crypto exchanges when illegal activity is detected, as stated in Chepicap.

Voorhees insists that the company fulfils with regulations as much as possible. As for the WSJ’s motives, he claims that they are trying to develop a new monetary system. As per Bitcoin News, he has taken on the journalists usage of simple facts, and worries they either distorted their meaning or removed relevant context totally. The WSJ has mistakenly credited enormous sums of supposedly illicit transactions to Shapeshift in a method that exhibits a profound failure to grasp how blockchains, in general, and the system in particular, really work

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
coinmag

As a professional blogger and news writer, Akshada presents unique pieces that are logical, well-structured and appealing to the audience.

Leave a Comment

Your email address will not be published. Required fields are marked *