BTC as well as the rest of the cryptocurrencies have surprisingly made their path into the hazardous drug cartels world. As per the officials from law enforcement, crypto is opening a new zone in the fight of America against mobs to control huge illegal marketplaces dealing with people, guns, drugs, and sex. It has been reported in Mexico that many of the significant drug cartels in the country are utilizing Bitcoin (BTC) to fund the illegitimate operations thereof.
Lethal crime forums
The Jalisco New Generation Cartel and Sinaloa Cartel are a couple of the most dangerous organizations. As per Insight Crime, the most influential and the biggest organization for drug trafficking within the Western Hemisphere – Sinaloa Cartel – is joining a few of the prominent capos of Mexico.
The respective alliance’s participants operate together to protect themselves, taking benefits from their connections at the peak levels and having assistance from people within the military as well as the federal police to dominate the opponents.
The Jalisco New Generation Cartel, which was previously called Los Mata Zetas, counts to be a semi-militarized criminal organization in Mexico having its headquarter in Jalisco under the lead of Nemesio Oseguera Cervantes, considered among the notorious drug lords across the globe. The United Nations Office on Drugs and Crime mentioned that Mexico-based drug cartels are reported to have committed money laundering of $25B per annum through e-commerce, the internet, as well as Bitcoin.
Drug lords utilize BTC to circumvent the scrutiny
The International Narcotics Control Board issued a report on Friday in which it is mentioned that Sinaloa and Jalisco cartels use minor BTC purchases online to dodge the regulations regarding money laundering. After converting drug profits into small payments to prevent getting exposed, the crypto accounts are utilized by the cartels to buy a series of little amounts of BTC online, hiding the original place from where the funds came and dispensing them among the collaborators across the world, as stated by the report.
Bitcoin and human trafficking
In 2019’s April, the authorities from Mexico kept Ignacio Santoyo (an alleged human trafficker) in a Caribbean resort Playa del Carmen’s Posh section following the confirmation of a connection between a Latin America-based prostitution group and him. He was not arrested due to the alleged sexual exploitation or blackmailing of 2,000 women, as revealed by the authorities, instead, he was suspected to have utilized BTC to assist in money laundering.
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