Banks Launder $2.7 Billion Every Day, Crypto Exchanges $9 Million in Two Years

Despite the billions of dollars banks launder on a daily basis, critics are still focused on crypto exchanges.

On Sept. 28, Erik Voorhees, the CEO of popular cryptocurrency exchange ShapeShift, responded to the coverage of WSJ which compared the amount of money laundered by banks and crypto exchanges over the past two years.

In the last 24 months, banks have laundered $2.7 billion every day while crypto exchanges have allegedly processed $9 million in illicit funds.

Banks are said to have laundered $1.97 trillion in the past two years by laundering $2.7 billion on a daily basis.

In contrast, crypto exchanges have laundered $9 million in the entire period of two years, meanwhile banks laundered $1.97 trillion.

Based on the numbers alone, it is fairly evident that the problem lies in the institutions that are laundering $1.971 trillion in every two years rather than organizations that allegedly launder $9 million in 48 months.

If the concern of money laundering in the crypto market was really about the problem of funneling illicit funds, then the focus of government agencies and the media has to be established on banks.

Less than two weeks after the biggest scandal in the history of Denmark, the focus on money laundering has somehow shifted to crypto.

A WSJ investigative report revealed that ShapeShift laundered a grand total of $9 million in the past two years, which has not been conclusively proven.

Assuming that ShapeShift did process $9 million in illicit funds, it is nowhere close to the amount of money laundered by banks on a daily basis.