📕 Better than Yesterday #55: Why AML Matters in Crypto

To thrive in crypto, you will need awareness.

Today, we’re diving into a key concept: Anti-Money Laundering (AML) in the crypto industry.

💡 What is #AML in #Crypto?
AML prevents criminals from disguising illegal funds as legitimate, particularly in decentralized finance.

In crypto, challenges include:
➖ Wallet pseudonymity
➖ Cross-border transactions
➖ DeFi's lack of intermediaries
➖ Crypto mixers and privacy coins like Monero or Tornado Cash

🔎 Real-World Cases That Prove AML Is Critical
🔃 @BitMEX (2020)
Fined $100M for operating without proper AML controls.

🧬 Helix Mixer (2021)
Founder Larry Harmon fined $60M for laundering over $300M in Bitcoin.

🔶 @binance (2023)
Settled with the U.S. for $4.3B, the largest AML penalty in crypto history.

🛡 Projects, investors, and users alike must understand AML to protect their future in #Web3