Home / Cryptocurrency / Danske Bank's $ 235B money laundering completes the entire cryptocurrency market

Danske Bank's $ 235B money laundering completes the entire cryptocurrency market

Danske Bank, the Danish lender at the center of a huge Russian money-laundering scandal, has illegitimately processed more liquidity than the entire capital cap of the cryptocurrency.


A bank, $ 235 billion

The astonishing figure, found on social media by founder and partner Anthony Morgan Creek Digital this weekend, comes as the true extent of the latest disclosure of the banking sector remains unknown.

Danske has recycled $ 235 billion declared through one of its subsidiaries in Estonia for a period of eight years, he said.

This week, the bank appointed an interim CEO in the form of the current head of Danish operations, Jesper Nielsen, after suddenly firing the existing boss Thomas Borgen.

Commenting on Twitter, Pompliano seemed to suggest that the episode should give new confidence to cryptocurrency investors subjected to industry criticism or low prices.

"REMINDER: A single bank in a bank has recycled more money than the entire cryptocurrency market," he wrote. "Long Bitcoin, Short the Bankers".

At the time of the press, the combined market capitalization of the combined cryptocurrency amounted to $ 223 billion, down slightly from previous levels observed in recent days.

Pots and kettles

Meanwhile Danske had taken a very aggressive position on the cryptocurrency. Before the recycling scandal broke, a dedicated statement begged customers not to invest in the industry at all.

"… The most important thing is that the lack of transparency and regulatory control have made cryptocurrencies a target for criminal purposes and we know that on several occasions they have been involved in criminal transactions such as money laundering or extortion," reads note ironic tone.

As a financial institution, we have an obligation to contribute to the fight against financial crime and money laundering. At present, cryptocurrencies do not offer sufficient transparency to enable us to comply with our obligations under anti-money laundering legislation.

The hypocrisy of the bank's views is not new. Rabobank, the Dutch lender who was at the center of a money laundering scandal involving his operations in California, had come to the point of turning down accounts to Bitcoin companies. This, it was said, depended on "compliance risks".

What do you think about Danske Bank's money laundering? Let us know in the comments below!


Images courtesy of Twitter / @ APompliano.

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