Europol representatives have said during the sixth Global Conference on Criminal Finance and Cryptocurrencies, held last week in The Hague, that blockchain, thanks to its transparency, provides the authorities with a qualitatively new way to fight organized crime in the financial sector.
Participants in the event included European regulators, law enforcement agencies, representatives of Binance and of analytical companies Chainalysis, CypherTrace and TRM Labs.
According to them, the spread of cryptocurrencies contributes to the emergence of new forms of crime. Attackers use digital assets in drug smuggling, match-fixing, financing the production and acquisition of weapons of mass destruction, and money laundering.
The experts have said:
“Nevertheless, the ability to track transactions provided by blockchain technology makes it easier to find and recover stolen funds.”