Crypto illicit transactions fall below traditional finance levels

Sizwe Dlamini

IF you still view cryptocurrency as the Wild West of finance — a lawless frontier where anonymity shields criminals and illicit funds flow unchecked — you’re clinging to a narrative that has been overtaken by reality. Far from being a haven for criminals, the crypto industry in South Africa and globally now operates under the same stringent controls as traditional finance, with an added layer of transparency that makes illicit activity even harder to conceal, according to a statement by Luno this week. Cryptocurrency’s early association with illicit financial flows stems from its anonymous features, which once made it attractive for illegal transactions. A 2013 report by the United Nations Office on Drugs and Crime (UNODC) highlighted Bitcoin’s use on darknet markets like Silk Road, where drugs, weapons, and other…

You're reading a preview of

Sunday Independent (Digital) - 1 Issue, 2025-03-30

DiscountMags is a licensed distributor (not a publisher) of the above content and Publication through Zinio LLC. Accordingly, we have no editorial control over the Publications. Any opinions, advice, statements, services, offers or other information or content expressed or made available by third parties, including those made in Publications offered on our website, are those of the respective author(s) or publisher(s) and not of DiscountMags. DiscountMags does not guarantee the accuracy, completeness, truthfulness, or usefulness of all or any portion of any publication or any services or offers made by third parties, nor will we be liable for any loss or damage caused by your reliance on information contained in any Publication, or your use of services offered, or your acceptance of any offers made through the Service or the Publications. For content removal requests, please contact Zinio.