THELOGICALINDIAN - Police in Kenya arrest three Bitcoin traders on accuse of money bed-making by application baseborn money to acquirement cryptocurrency
There are some audible advantages to application cryptocurrencies like Bitcoin, such as anonymity and affluence of use. Of course, one of the capital allowances of agenda bill is that anybody, no amount area they are in the world, can be an alive actor in the crypto economy. But there are times back the advantages of Bitcoin can advance some bodies into hot water, such as what happened afresh in Kenya area three Bitcoin traders were arrested by the badge and answerable with money laundering.
We do alive in a age of admiration due to the abstruse advances that accept been fabricated over the aftermost few decades. The internet allows for direct advice amid bodies from all corners of the globe, not to acknowledgment the joy of watching funny cat videos. Likewise, cryptocurrency allows for bearding and accessible transfers of basic beyond civic borders after the hassles of ambidextrous with authoritative red band from governments and banks. However, all advance can be bedridden due to bent mischief.
The three Kenyan Bitcoin traders begin out that actuality able to calmly buy agenda bill can appear with a cost. The three traders (Emma Kariuki, Stanley Mumo, and Timothy Gachehe) were application funds to buy Bitcoin on the LocalBitcoins barter that angry out to be stolen.
It seems that the funds came from an bearding being accepted as “BADASS20” that blanket the agnate of $100,000 from the I&M Coffer and a Safaricom Pay Bill account. The badge traced the baseborn money, which eventually led to the coffer accounts of the Bitcoin traders. What is absorbing is that it appears the traders were blind that the money had been stolen, which the authorities agenda due to their babble history. Still, the Kenyan Banking Fraud Investigation Unit (BFIU) arrested the three, but they were able to accomplish bond and be released.
While the adventure of the three traders should serve as a cautionary account in vetting your sources of money, I adulation the actuality that Bitcoin has crept into the bolt of accustomed activity in every bend of the globe. The P2P trading bazaar in Kenya is actual alive and on the rise. The Central Bank of Kenya (CBK) has noticed the acceptance of Bitcoin and added cryptocurrencies, alike admitting they agenda that such agenda currencies are not acknowledged breakable aural Kenya.
The CBK noted:
The final fate of the three Bitcoin traders has not yet been determined. While they arise to not apperceive the money was stolen, they did use it to buy Bitcoin, which could accurately be beheld as money laundering. While it’s abundant that any being with a acute buzz in Kenya can become allotment of the crypto world, if addition calling themselves “BADASS20” offers you $100,00 to buy Bitcoin, maybe you should aloof say no.
Do you anticipate the Bitcoin traders are accusable of money laundering? Would you acquire $100,000 from BADASS20? Let us apperceive in the comments below.
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