A UN report warns that cryptocurrencies are being misused in the illegal economy in Southeast Asia, with USDT being the most popular

ChainCatcher news, according to a report by Cointelegraph, the United Nations Office on Drugs and Crime has issued a report warning that cryptocurrencies are being abused in the illegal economies of East Asia and Southeast Asia.

Criminals are engaging in illegal gambling and fraud activities in poorly regulated special economic zones and areas controlled by autonomous armed groups. A specialized tourism industry has emerged around casinos, where so-called intermediaries not only provide travel and accommodation but have also been able to act as "entities similar to international banks, offering various underground financial services, including credit issuance, currency exchange, multi-currency payment and settlement solutions, remittances, and extrajudicial debt collection mechanisms that have been exploited."

According to the report, USDT issued on the Tron blockchain is the most popular among financial wrongdoers in the region due to its stability, ease of use, anonymity, and low fees. Local cryptocurrency exchanges may also play a role in money laundering.