When cryptocurrencies were first introduced, they promised to deliver low to zero transaction costs, unlimited withdrawals and purchases, fast transaction speeds, and enhanced security and privacy. These features set crypto apart from centralized currencies and attracted millions of users in just a few years. However, the anonymity, security and privacy offered by blockchain also drew in criminals who were looking for a way to move their ill-gotten gains away from the prying eyes of law enforcement.

A 2021 report by blockchain analysis firm Chainalysis revealed that criminals laundered a whopping $8.6 billion in cryptocurrency in 2021 alone. The report stated that criminals are transferring billions of dollars’ worth of cryptos to services that seemed to be tailor-made for money laundering, stating that…

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