A report claims that a money laundering organization connected to US cocaine imports from Mexico and Colombia uses Tether (USDT). Drug traffickers have been using crypto, particularly USDT, to quickly move wealth across borders. Criminal organizations, including the Sinaloa Mexican drug cartel, are alleged to use such assets for large-scale drug trafficking.
USDT is reportedly sold at a discount in Mexico due to its widespread association with drug proceeds. The US government has seized over 5 million USDT connected to cocaine trafficking, and a separate FBI investigation uncovered a money laundering operation involving cryptocurrency brokers and major Mexican cartels.
Tether and Binance have not responded to Decrypt’s inquiry.
Source
<p>The post Crypto Money Laundering: US Cocaine Imports and Tether USDT first appeared on CoinBuzzFeed.</p>