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Illegal Cryptocurrency Bets Spike in Belgium

By Gabriel Vedrenne

Belgian authorities suspect illegal wagers made in cryptocurrencies have boomed after learning that individuals tied to match-fixing and unlicensed-gambling operations are increasingly converting bitcoins and other digital assets into government-issued banknotes. Philippe de Koster, president of Belgium's financial intelligence unit, CTIF, told attendees of an academic conference in Strasbourg, France, this month of his agency's role in combating illegal sports gambling and difficulty in identifying bribery in individual matches, and warned that cryptocurrency makes both crimes more impervious to detection. "We are seeing more people slip through cracks and launder the proceeds of manipulated sports betting [match fixing] in Luxembourg,...

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