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Will it raise the question of Crypto after the Laundering of the $384 Million incident in Hong Kong

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Two days ago, news of money laundering came out. It started with the arrest of Two Siblings by police, accused of laundering $384 million, in Hong Kong. Further investigations broke out that Laundering had done it via various bank accounts and crypto exchanges. They have opened several bank accounts and also used some crypto exchange platforms for their purpose. 

Incidents like these have happened in the past many times. They are not new to us, and there are strict laws against them. But now, when they happen, and if they relate with Crypto anyhow, it raises questions. There are already assumptions about Crypto not being safe, about its misuse, and being intractable. 

Authorities and regulators would get a chance to blame it on misuse of Crypto. They might demand again for the authority on Cryptocurrencies. The noticeable thing here is that maybe Crypto is a new concept overall, but the spams and Laundering and funding are not new. Spammers were happening even then when there were no cryptocurrencies. They were misusing the traditional ways of exchanges, like banks and money. Now Crypto is just their new method of doing what they used to do.

Even considering this Hong Kong money laundering case here, it can be that the accused have used crypto exchanges and banks. That means the banking system would equally be the culprit and blamed if the Laundering and scam created such a scenario. 

But that’s not the case here; blaming and accusing would not give any outcome. Institutions are there to serve every individual. Its misusing is a crime, either in traditional banks or Crypto Exchanges. 

If anyone could stop the mishap just by getting authority, the banks would have been in control from time to time. Then, why were spammers always able to do the wrongdoings they did?

Authority transfer might not be the solution for this. Instead, monitored authority and who’s authority have to work and ensure that the platform is safe.

Implementing the Responsibility would be better than asking for the Regulations. 

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