Crypto Exchanges in Telegram: What are They and is it Worth Dealing With Them

What threat did the American authorities see in the crypto exchanges in Pavel Durov’s messenger, and how do such services work? Let’s try to find out more.

Telegram and its secret chats are a channel of almost anonymous communication, which can be used by attackers and scammers, covering the tracks of cyber crimes. The IRS is absolutely sure of this. Special agent Chris Janczewski said that his department is concerned about cases of possible money laundering and other crypto scams with the help of exchanges in Telegram.

Janczewski also added that people conducting exchange transactions of dubious origins act like a network. For example, the IRS representative cited Chinese users who operate through formally unrelated accounts on crypto exchanges with a loyal approach to KYC. As a result, unrelated transactions go through the blockchain and fiat gateways of exchanges.

Telegram exchanges are of interest to the IRS as part of the fight against money laundering and, possibly, other crypto scams. For example, Janczewski described how two Chinese citizens through Telegram helped launder $105 million in cryptocurrencies that the North Korean government had previously stolen last year. The funds were allegedly transferred to Chinese bank accounts, iTunes gift cards and used on at least one American exchange.

The Internal Revenue Service has nothing to do but to pay more attention to cryptocurrency regulation in 2021 than before. Perhaps this is due to the growing interest of American regulators in cryptocurrencies. In May, the administration of US President Joe Biden unveiled a new tax plan that would require firms carrying out crypto transactions worth $10,000 or more to inform the IRS about them.

On June 8, during a hearing in the Senate Finance Committee, the US Internal Revenue Service head, Charles Rettig, said that his department needed to get more powers from the US Congress to control cryptocurrency transactions.

There are several types of Telegram exchanges:

  • There are bots that work like centralized exchanges. Telegram apps of this kind have been actively working already during the crypto boom in 2017.

In terms of their mechanics, such Telegram bots are similar to other p2p platforms. Users have their own crypto wallets built into the bot infrastructure, where the cryptocurrency will be received upon purchase. The user selects the type of exchange operation and the seller based on the rating. The advantages of such bots are that such an operation can be carried out quickly without leaving the messenger.

Unfortunately, along with the cryptocurrency market’s growth, new schemes for stealing funds and user data appear. Crypto scammers create their own exchanges or clones of existing Telegram bots. Because of this, buying crypto using such bots still remains a relatively unreliable method.

  • Another option is over-the-counter (OTC) secret chats. It has its own system of recommendations and reviews. But, of course, there is also a risk of becoming a victim of a crypto scam.

Considering that the popularity of over-the-counter trading is only increasing and crypto exchanges create special sections for it in their applications, its volumes are growing in Telegram as well.

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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.



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#1 cryptocurrency exchange in liquidity for new digital assets and the leading platform for compliant multi-asset tokenization.