In brief
- The Joint Chiefs of Global Tax Enforcement said hundreds of billions of dollars in suspicious activity have been tied to crypto OTC desks in a new advisory.
- OTC desks have daily turnovers of around $1.44 billion, according to the J5.
- Money passing through payment processors and OTC desks isn’t as easy for regulators to monitor in real-time.
The Joint Chiefs of Global Tax Enforcement (J5) published two advisories on Thursday warning that over the counter (OTC) crypto trading desks and payment processors are being used to obfuscate and move funds tied to criminal activity.
The group, which is made up of tax bodies from Australia, Canada, the Netherlands, the U.S. and the UK, said that average daily trading volume for OTC desks…
