NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

The $234 Billion Money Laundering Case at Danske Bank’s Impossible in Bitcoin Ecosystem

Dalmas Ngetich
Dalmas Ngetich
6 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

This week, Danish publications reported that Danske Bank CEO has resigned amidst allegations of potential money laundering hundreds of billions of dollars, an amount that is equivalent to the market cap of crypto.

When billions or dollars are involved, history has it that banks can’t resist the urge to “inject” the money into the system, regardless of the source. As such, it is uncommon for the media to highlight cases where banks are fined billions. Whether those are face-saving moves or not, it’s quickly emerging that regulators have a soft spot for these banks.

Though they are anchored systematically to the fundamental structure of global finance, regulators have to double down their efforts to monitor banks and their operations. rather tightening regulations on a nascent technology such as Bitcoin and the blockchain that falls outside their standard definition.

Wow, that's more than the entire crypto market cap. https://t.co/vt4Mxw8kJB

— CZ 🔶 BNB (@cz_binance) September 20, 2018

The Case of Danske Bank

A perfect case is exemplified by Danske Bank admission and subsequent resignation of Thomas Borgen the CEO of Danske Bank as reported by Business Insider. Danske Bank is a mover in the Nordic region. With assets in the excess of $556 billion, the bank is three times the total market capitalization of all cryptocurrencies. There customer base spans 16 countries, employ more than 20,000 and their experience in the banking sector exceeds 140 years.

Danske is a typical global bank meaning in their time, Danish FSA have a stamp on their activities and by all standards, the banks should be compliant—and they are but investigation reports that the bank was actually involved in a money laundering scandal that could potentially affect close to $250 billion dollars all stemming from a single weak point: The Danske Bank Estonian Branch.

From reports, Borgen has been the head of Danske Bank since 2013. While he hasn’t been vilified, he saw it fit to step down. To back his decision, he said the bank hasn’t lived up to its expectation responsibility wise. And though he regrets, investigations concluded that he lived up to his legal obligations.

The Exploitation

Exploiting the openness of Estonian digital space through what is called no-resident transactions, the bank narrowed down 6,2000 remote customers making use of Danske’s Sampo banking facilities to transact. These high-risk customers together with 10,000 others were deem to execute suspicious transactions and considered “high risks”. Between 2007 and 2015, $234 billion stemming from 9.7 million payments could in effect be involved in covert money laundering activities.

“We want to stress that this case no way reflects the bank that we want to be. We take the task of combating financial crime and money laundering very seriously. And we do and will do everything it takes to ensure that we never find ourselves in the same”

Bitcoin and Blockchain in-built Anti-Money Laundering Prevention

It’s shaking that $234 billion may have been laundered right at the watch of these banking officials. And what investors get is an apology and expression of “disappointments” by Danske officials in what is technically a criminal involvement. Though the blockchain environment and Bitcoin continues to be bogged down by heavy regulation, such law breaking would be unheard off for many reasons.

Fact is, the amount of dirty money circulating in the Bitcoin ecosystem is negligible and it’s easy to see why. The Bitcoin ledger is open and free for regulatory scrutiny should they suspect unusually activities. Since Bitcoin is pseudonymous and exchanges are mandated to ask for KYC, culprits would be nabbed. In Japan and UK, the crypto community are agitating for self-regulation. And exchanges often report cases they think are criminal.

Secondly, the incentive to launder money in the cryptocurrency realm is low. Besides, justice is immediate and crypto holders and even exchanges are not willing to act as examples. Thomas Mario Costanzo was indicted in the US for laundering money all thanks to his efforts to convert Bitcoin to fiat. He was consequently charged with operating a peer to peer exchange without a license.

Tweet123Share196ShareSend
Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Consolidates Below All-Time High as Spot Market Drives Momentum

Bitcoin Consolidates Below All-Time High as Spot Market Drives Momentum

Bitcoin’s price movement remains in focus as it continues to consolidate just below its previous all-time high. Despite a brief...

Samuel Edyme 7 hours ago

Bitcoin Rally Ahead? DXY Breakdown Suggests Capital Shift To Risk-On Assets

The US national debt recently hit a new all-time high (ATH), surging above $36.5 trillion and putting significant pressure on...

Ash Tiwari 8 hours ago
Is Bitcoin Ready to Pop? Analyst Warns of Sell-Side Liquidity Squeeze as Whales Take Over

Is Bitcoin Ready to Pop? Analyst Warns of Sell-Side Liquidity Squeeze as Whales Take Over

Bitcoin continues to hover just below its previous all-time high, consolidating around the $109,000 mark despite a modest 1.9% gain...

Samuel Edyme 10 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin price news

Bitcoin Is One Candle Away From $141,300 Breakout, Chart Master Warns

Jake Simmons 1 hour ago

Bitcoin è Pronto a Esplodere? Un Analista Avverte: Liquidità in Esaurimento Mentre le Whale Prendono il Controllo

clararosati 3 hours ago
crypto news

‘Real’ Crypto Bull Run Just Beginning, Says Analyst—Here’s Why

Jake Simmons 4 hours ago

Premium Sponsors

Press Releases

  • 新しい仮想通貨が220万ドル超を調達──カルダノは手数料無料機能を正式導入

    ...

    3 minutes ago
  • 仮想通貨おすすめ|トランプ系メディアが「ブルーチップ」仮想通貨ETFを発表、今注目すべき銘柄は?

    ...

    20 minutes ago
  • ミームコイン市場が急騰中──イーロン・マスクの投稿で$PNUTが話題に、2025年に注目すべき動きとは?

    ...

    35 minutes ago
  • [Profitable combination] ETHRANSACTION launches...

    3 hours ago
  • Bitget Annual Trading Competition KCGI Launches With $6...

    5 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.