EU Cracks Down on Cryptocurrency But Fails to Regulate Traditional Banks

[jamie.redman1]

European authorities have been steadfast towards regulating bitcoin because they believe digital currencies bolster money laundering and criminal financing. However, according to reports, a multitude of the UK’s leading banks have processed funds associated with money laundering operations and criminal organizations.

"HSBC processed $545.3m in laundromat cash, mostly routed through its Hong Kong branch,” explains The Guardian. “The troubled Royal Bank of Scotland – which is 71% owned by the UK government – handled $113.1m. Coutts – used by the Queen and owned by RBS – accepted $32.8m worth of payments via its office in Zurich, Switzerland. Coutts is winding down its Swiss operation and was last month fined by regulators for money laundering in a different case."

Read More Here: https://news.bitcoin.com/eu-cracks-down ... nal-banks/