Over the years, there have been numerous claims connecting Bitcoin to drug-related activity. In the UK, it seems that drug dealers are avoiding banks and cryptocurrencies altogether.
When engaging in illegal activities, not dealing with financial institutions is preferable.
UK Drug Dealers Don’t Want Your Bitcoins
Although some banks do not shy away from illicit behavior, it is best to avoid them altogether.
Drug dealers across the UK have seemingly gotten the message.
Things have changed so much that even cryptocurrencies no longer play any role of importance.
Scotland Yard has confirmed that UK drug dealers are using smaller money service businesses to launder their profits.
Potential “partners in crime’ include money transfer brokers, payday-loan brokers, and bureaux de change.
It is believed that a crackdown on all of these service providers will occur at some point in 2020.
Most drugs sold on the street are paid for in cash.
Handling the proceeds of these activities is extremely difficult without external help.
As banks are regulated stricter than ever before, criminals in the drug trade are allegedly looking for alternatives.
Cryptocurrencies are not of interest in this regard.
Money service businesses, on the other hand, provide a conveniently accessible service.
Cutting off the financial side of drug operations has always been a problematic undertaking.