Cryptocurrency and recycling: Molina Lee arrested

In battle in place for years between proponents and detractors of cryptocurrencies, one of the arguments brought in support of their cause by the second concerns that virtual coins go to the bottom to constitute an excellent tool available to all those who intend to clean up the money from illegal activities.
A discussion that risks being burned again by the news coming from Poland, relating toarrest of Ivan Manuel Molina Lee, President of Crypto Capital. So let's see what it is and why it could have repercussions on the diatribe.

Molina Lee's arrest

The Polish police, on input from the Prosecutor's Office of Wroclaw, proceeded to the arrest of Ivan Manuel Molina Lee, president of Crypto Capital, a company that elected as a tax domicile Michałowice. The news was reported, stating that the arrest would have been carried out in Greece, from where the businessman was then taken to Warsaw by military aircraft. The same power of attorney also proceeded to confiscation of about one and a half billion Polish Zloty (almost 400 million dollars), deposited in one Bank of Skierniewice. The accusation raised against Molina Lee is riciclaggio di denaro from some signs of Colombian drug trafficking. The time reference is to some operations undertaken between the 2016 and the 2018, which have seen Crypto Capital as their own tool.

The Bitfinex affair

The Crypto Capital affair had crossed in the last few weeks with that of Bitfinex, exchange which had entered into considerable difficulties due to the seizure of 850 million dollars by the Polish authorities. A seizure that had created a real hole in Bitfinex's availability and brought to completion its crisis in the margins of the cause it saw involved Reginald "Reggie" Fowler, former co-owner of the Minnesota Vikings NFL team, and the Israeli Ravid Yosef, accused by the Southern District of New York (SDNY) of involvement in a series of bank frauds.

What is happening to LocalBitcoins?

The story in question is likely to go to rekindle the age-old discussion on the utility of cryptocurrencies for the criminal economy. Also because it goes to intersect with another news of no small account, that one relative to the drop in exchanges on the LocalBitcoins platform, after the obligation to verify the identity of all users who use it for operations in virtual currencies on the first day of October. An obligation arising from the fact that the company is stationed in Finland and, consequently, subjected to the European directives on the subject of recycling.
It is precisely this affair, however, that would seem to remove soil under the feet of those who connect digital assets and recycling. After all, if one accepts the thesis that the exchanges that failed on LocalBitcoins are precisely those aimed at recycling dirty money, the ease of countering the phenomenon would be demonstrated transparently adjusting transactions. As the supporters of cryptocurrencies and all those who are devoting themselves to the development of a sector that could benefit not a little from greater transparency, have affirmed for a long time.