Nasdaq Report Reveals $3.1T in Illicit Money Flowed through Global Financial Network
National Association of Securities Dealers Automated Quotations or Nasdaq recently published a report containing analytics for financial crimes in 2023. The report notably omitted mentioning Bitcoin, cryptocurrencies, or stablecoins.
The stock exchange analysts believe that the major portion of the illegal financial activity is supported by traditional legal tender namely fiat or paper currency. The report has further suggested that financial crimes have continued to grow into a multi-trillion-dollar issue.
Nasdaq report suggested that for 2023, fiat currencies and traditional financial networks facilitated around $3.1 trillion in illegal funds. The report has also claimed that criminals have been able to carry out illicit activities such as terror funding, drug-trafficking, and human smuggling, etc.
Nasdaq analysts have projected that around $782.9 billion of illegal cash was used by drug dealers. Another, $346.7 billion was utilized by human traffickers.
Fiat Currency as the Main Facilitator of Illegal Activities
As per Nasdaq report around $11.5 billion in illegal terrorist funding also circulated in the form of fiat currencies. Meanwhile, analysts believe that $485.6 billion was lost to scams and fraudulent schemes in 2023.
Adena Friedman, CEO and chairperson of Nasdaq, has noted that several regulatory agencies and institutions have been making efforts to combat financial fraud. She noted that financial firms have an ever-increasing pressure of preventing fraud but they are unable to make it possible to work without external help.
She stated that the trading platform is aware that a single institution, technology, or state is going to resolve the complex issue of financial crimes. She further stated that all the stakeholders and participants in the system have a responsibility to work in tandem with each other and be part of the solution.
Speaking with Cointelegraph, Paolo Ardoino, CEO of Tether, noted that the issue of the multi-million dollar flow in illegal trading volumes is an alarming issue. He reiterated Ardoino in the opinion that a single firm is unable to resolve the problem and encouraged multilateral cooperation as a solution.
Tether’s Stance on Nasdaq Financial Crimes Report
Speaking on the Nasdaq illegal financial activity report, Ardonio noted that Tether is cooperating with regulators around the globe. In this manner, the firm has halted addresses and wallets that are associated with illegal trades and he asked legacy institutions to follow suit.
He exclaimed on behalf of the stablecoin issuer that the firm agrees with the stance of Nasdaq on the matter. He also stated that Tether is going to do its part in association with Nasdaq.
The Nasdaq Report did not Mention Crypto
VanEck’s director of Digital Assets, Gabor Gurbas, posted on social media that the Nasdaq report did not make any mentions of Bitcoin, digital currencies, or stablecoins in the report. The executive also retained that banks and private firms have been dubbed as central operators for facilitating illegal financial activities as per this report.
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