As ransomware groups scale up their operations into an entire industry, more regulation for crypto exchanges can prevent them from running wild, argues a blockchain cybersecurity expert.
for effectively working to facilitate ransomware money-laundering. The exchange was nested on Binance, though the company said it had de-platformed Suex long before the Treasury’s designation based on its own “internal safeguards.”
Hypothetically, sanctions could even indirectly affect decentralized entities in a myriad of ways. Decentralized projects still normally have core dev teams associated with them, which invokes the prospect of individual responsibility. In the future, and with enough regulatory rigor, they could one day even see their incoming and outbound traffic throttled or outright blocked by IPSes unless users utilize extra obfuscation tools like VPN.
It is naive to expect every player in this field to be equally diligent with their internal safeguards. Enforcing standards for KYC and AML across exchanges will, at the very least, make it harder for criminals to move crypto around and cash out. Such measures would amp up their losses, making the entire operation less profitable and, thus, less lucrative.
Critics may argue that such measures wouldn’t work, simply because the hackers can always move to another financial mechanism for claiming their cash, such as gift cards. To an extent, this is true; where there’s a will, there’s a way. But consider this: Colonial Pipeline had toa ransom of $5 million in crypto to suspected Russian hackers.
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