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disclaimer: This paper is intended to convey more information about the market and does not constitute any investment proposal.
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来源：PeckShield
Source: PeckShield
0. 概要
Summary
2020 年以来，在全球新冠肺炎疫情的影响下，全球经济开启了数字化转型的步伐。互联网科技巨头 Facebook 牵头发起的 Libra 项目试图做新一代的全球数字货币，而全球各国央行则纷纷推出国家层面的数字货币项目，包括，中国人民银行发起的 DCEP、欧盟发起的 CBDC，以及美国即将发行的数字美元等等，都在用主权货币的数字化为即将到来的数字经济社会筑底。我国更是提出了以 5G、大数据、云计算、互联网、人工智能、区块链等为代表的数字新基建，以构筑结构性力量，助力数字经济发展。
Since 2020, the global economy has embarked on a digital transition as a result of the new global coronary pneumonia epidemic. The Libra project, spearheaded by the Internet technology giant Facebook, seeks to be a new generation of global digital money, while the global central banks have launched national digital money projects, including the DCEP launched by the People’s Bank of China, the EU-sponsored CBCC, and the upcoming United States dollar, all of which are turning the number of sovereign currencies into the bottom of the upcoming digital economy. We have proposed a new digital infrastructure, represented by 5G, big data, cloud computing, the Internet, artificial intelligence, block chains, etc., to build structural forces to support digital economic development.
然而，在数字经济如火如荼的今天，原本因经济全球化而猖獗的跨国犯罪和贪污腐败问题，随着比特币等数字加密货币的普及而更加猖獗，严重危害了全球经济和金融秩序。洗钱这一黑色产业也已经成为世界经济血脉上的毒瘤，严重危害了世界经济秩序的健康发展。
Today, however, as the digital economy rages, transnational crime and corruption, which are already rampant as a result of the globalization of the economy, have intensified with the spread of digitally encrypted currencies, such as bitcoins, seriously jeopardizing the global economic and financial order. Money-laundering, the black industry, has also become a cancer in the fabric of the world economy, seriously jeopardizing the healthy development of the world economic order.
虽然，各国相继出台政策和法律严控洗钱犯罪行为，但更多停留在传统金融领域，由于暗网和大部分数字资产交易所目前尚处于监管盲区，不少不法分子于是通过匿名性更好的暗网和数字资产交易所实施洗钱和犯罪行为，如同找到了庇护所，更加的猖獗和为非作歹。
While States have successively adopted policies and laws to strictly control money-laundering offences, more remain in the traditional financial sphere, and since clandestine networks and most digital asset exchanges are still in a regulatory blinding zone, many outlaws are committing money-laundering and criminal acts through anonymouser clandestine networks and digital asset exchanges, as is the case with safe havens, more rampant and debauchery.
过去半年，我们统计发现，全球不同国家的警方都有参与处理涉及到数字货币洗钱相关的刑侦案件。
Over the past six months, we have found that the police in different countries around the world are involved in criminal investigations related to money-laundering in digital currency.
据 Cointelegraph 消息，英国莱斯特郡警官 Phil Ariss 表示，4月18日，当局逮捕暗网贩毒男子Paul Johnson，并查获了约 37.5 万美元加密资产。随着越来越多的罪犯转向使用比特币和其他金融隐私手段，执法部门必须了解比特币。而在过去两年中，英国全国范围内共发生了 562 起与比特币相关的诈骗事件。
According to Cointelegraph, British Leicester County Police Officer Phil Ariss stated that on 18 April, the authorities arrested Paul Johnson, a clandestine drug-trafficker man, and seized approximately $3.75 million in encrypted assets. As more criminals turn to Bitcoin and other means of financial privacy, law enforcement must know bitcoin.
据 itnews 消息，05月14日，悉尼一女子因涉嫌经营非法数字货币交易而被指控。该女子被新南威尔士州网络犯罪调查局逮捕，同时被没收 60,000 澳元的现金和价值超过 73,000 澳元的比特币。警方将在法庭上指控该女子经营着一个非法的在线洗钱集团将现金兑换成加密货币。网络犯罪调查局侦探总监称，这是首次逮捕该州不合规的数字货币提供商，并且可能是澳大利亚首创。
According to itnews, on 14th of May, a woman in Sydney was charged for trading in illegal digital money. The woman was arrested by the New South Wales Cyber Crimes Bureau and was confiscated $60,000 in cash and bitcoins worth more than $73,000. The police will accuse the woman in court of operating an illegal online money laundering group to convert her cash into encrypted currency.
据新快报消息，近日，广州白云警方在强化打击电信网络诈骗犯罪过程中打掉了首个利用数字货币为电信网络诈骗“洗钱”的团伙，嫌疑人落网后，向警方交代了他们“洗钱”的过程：在账户收到诈骗犯罪分子转入的钱款后，他们会在网上以私下交易的方式，买卖数字货币，并从中抽取一定比例的佣金。大约半年前，嫌疑人开始通过数字货币为诈骗团伙“洗钱”，至今已获利 30 余万元。
According to the new Express, in recent days, the Guangzhou White Cloud Police, in the course of intensifying their efforts to combat the fraud of the telecommunications network, eliminated the first group that used digital money to “money-laundering” for the telecommunications network, and, when the suspects were caught up in the net, informed the police about their “money-laundering” process: when the accounts received money transferred from the fraudster, they traded digital money online, and took a percentage of the commission. About six months ago, the suspects began to “money-laundering” for the fraud syndicate through digital money, and have so far earned more than $300,000.
据每日经济新闻消息，05月13日，济南市公安局章丘分局反诈咨询热线接到冀先生报警电话，称自己在网上购买比特币的时候被骗了18.99 万元，民警开展相关资金流向调查，在受害人及时提供准确信息和金融方的密切配合下，3 小 时后，民警成功将冀先生的被骗款进行了止付。 这是一起境外犯罪分子利用市民的银行卡洗钱的典型案例，犯罪分子通过网站链接出售比特币，随后让受害人将钱打到市民银行卡中，再通过非法手段撤回比特币，以此来诈骗钱财。
According to daily economic news, on 13 May, the anti-fraud advice line of the Zhenan Public Security Department's Zhencho Division received a telephone call from Mr. Shinan, claiming that he had been defrauded of $18,99,000 when he bought Bitcoin on the Internet, that the civilian police had carried out investigations into the flow of funds and that, after three small hours, the police had succeeded in suspending Mr.'s fraudulent payment, in close cooperation with the victims' timely and accurate information and financial parties. This was a typical case of offshore criminals using the citizens' bank cards to launder money, and criminals sold Bitco through a web link, and that the victims were then forced to send the money to the citizen's bank cards and to withdraw the Bitcoins by illegal means.
在此背景下，全球范围内的政府和金融监管机构开始加大力度对流入暗网的资产进行技术侦查和监控，而对数字资产交易所也展开了有序合规化监管，以此来制约违法分子进行洗钱操作。
In this context, Governments and financial regulators worldwide have begun to intensify their efforts to detect and monitor assets entering the dark net, and to regulate digital asset exchanges in an orderly manner as a means of regulating money-laundering operations by offenders.
2019年6月，FATF (Financial Action Task Force) 发布了 INR15 (Interpretive Note to Recommendation 15)，进一步明确了对数字资产的监管细节，并给出了具体实施时间表。根据 INR15 的规定，各国和 VASP 必须在一年以内即 2020 年 6 月以前，开始执行 FATF 的监管要求。
In June 2019, FATF (Financial Action Task Force) released INR15 (Interpretive Note to Regulation 15), further clarifying the details of the regulation of digital assets and specifying a timetable for its implementation. According to INR15, countries and VASP must start implementing FATT regulatory requirements within one year, i.e. by June 2020.
要求 VASP（虚拟资产服务提供商）注册，进行评估并采取有效行动，以减轻其洗钱和恐怖主义融资风险；要求 VASP 提供 KYC（发起人、受益人的账号、地址、身份ID）信息要求 VASP 向监管报备 1000 美元以上的交易；各国应确保能管理或降低使用交易混合服务提供商（mixers）、滚动交易提供商（tumbler）或是类似工具的来转移风险；FATF 建议，各国应考虑使用开源信息和网络抓取工具来识别未经注册或未经许可的加密货币交易业务。INR15 最核心的一项要求就是 “Travel Rule”, 它要求所有超过 1,000 美元/欧元的交易，必须把交易的发起人信息，受益人信息，和交易金额报备给 FATF。
VASP (virtual asset service provider) is required to register, assess and take effective action to mitigate the risk of money-laundering and terrorist financing; VASP is required to provide information requirements for KYC (account number, address, identity ID of sponsor, beneficiary) to report transactions above $1,000 to the regulatory authority; States should ensure that the risk is transferred by using a combination of transaction service providers (mixers), rolling transaction providers (tumbler) or similar tools; and FATF recommends that States should consider using open source information and web capture tools to identify unregistered or unlicensed currency transactions.
这就意味着，原先并不透明对外的数字资产交易所要把交易信息向 FATF 报备，对于当中混入的非法或被污染交易，FATF 有可能会随时介入监管，这样一来势必会打破现在区块链世界不受监管的局面，对整个区块链生态的进一步发展产生关键性影响。
This means that digital asset exchanges, which were not previously transparent, are supposed to report transaction information to FATF, which is likely to be involved at any time in the regulation of mixed illegal or contaminated transactions, which will inevitably break the current unregulated situation in the block chain world and will have a critical impact on the further development of the entire block chain ecology.
PeckShield 安全团队分析认为，这项规定对分布于全球的数字资产交易所而言是一项巨大的挑战。一方面意味着，数字资产交易所要在今年 6 月以前建立起完整的 KYC 和大额交易监控和汇报机制和 KYT 交易信息的赃款排查机制，以及相关地址的溯源等技术难题。
PeckShield’s security team analysed this as a major challenge for a global digital asset exchange. On the one hand, the digital asset exchange will have to put in place, by June of this year, a complete KYC and large-value transaction monitoring and reporting mechanism and a tracking mechanism for the proceeds of KYT trading information, as well as technical challenges such as the traceability of related addresses.
PeckShield 经过持续一年以上的链上和链下数据搜集、核对、验证，分析，截至目前共计掌握了1亿个链上地址和标签，其中仅交易所相关的地址标签就超过5,000万+，包括 BTC、ETH 网络以及上面运行的 USDT 等主要数字资产。
PeckShield, after collecting, collating, validating and analysing data on and under the chain for more than a year, has so far acquired a total of 100 million chain addresses and labels, of which the exchange-related address labels alone exceed 50 million plus, including key digital assets such as BTC, the ETH network and the USDT that operates above.
经 PeckShield 安全团队深入挖掘、洞察这些地址标签数据发现：
After deep digging by the PeckShield security team and insight into the data of these address labels:
据 PeckShield 数据显示，截至 2020年06月30日，全球数字资产交易所资产余额排行榜（以 BTC+ETH+USDT 资产折算为美元计）为：Coinbase 交易所的资产总量为 111 亿美元，排行第一位，Huobi 交易所资产总量为 57.9 亿美元，排行第二位，Binance 交易所资产总量 34.5 亿美元，排行第三位，Bitfinex 资产总量 29.9 亿美元，排行第四位，而 OKEx 资产总量为 25.2 亿美元排行第五位, BitMEX, kraken, Germini, mtGox, bittrex 等分别排行第六到第十位。据 PeckShield 旗下数字资产追踪平台 CoinHolmes 数据显示，包括黑客攻击、资金盘、暗网、赌博等在内的我们已标记为高风险的地址，在过去6个月共计流入数字资产交易所13,927笔高风险资产，合计 14.7 万个BTC，时价折合超过 14 亿美元，已经是一笔非常惊人的资产。我们把流入赃款最多的交易所做了排名发现，排名前十位的交易所分别为：Huobi、Binance、OKEx、ZB、Gate.io、BitMEX、Luno、HaoBTC、Bithumb、和Coinbase。据 PeckShield 数据显示，截至2020年06月30日，我们已监控高危风险地址中，流入黑名单地址的资金有 16.2 亿美元，流入混币服务商的资金有 15.9 亿美元，特别要强调的是，经混币服务的资金如同石沉大海，大部分很可能已经被成功洗钱，很难有再被技术性追踪的可能性。常见的混币服务商有：Bitlaunder, HelixMixer, Samourai, Wasabi, BitcoinFog 等；中心化倒卖机构有：ChangeNow、CoinSwitch 等。除了以上三个数据维度，接下来的报告内容中，我们将围绕交易所地址标签对目前交易所的合规性情况做一个数据画像，包括：交易所过去半年的进账出账情况、交易所之间资金互相转移情况、未受监管的交易所资产情况等等。透过数据分析我们看出目前数字资产交易所面临的合规性挑战。
According to the PeckShield data, as of 30 June 2020, the balance of assets of the Global Digital Asset Exchange (with BTC+ETH+USDT assets converted into United States dollars) is as follows: Coinbase Exchange assets total $11.1 billion, ranking first, Huobi Exchange assets total $5.79 billion, ranking second, Binance Exchange assets total $3.45 billion, ranking third, Bitfinex assets total $2.99 billion, including BOTE catch fourth, OKEx assets total $25.2 billion, BitMEX, Kraken, mtGox, bitrex, etc. The capital of the Peck Sealhead Exchange stock tracking platform CoinHolles, the capital tracking platform of the high-risk business, the financial position of the B2B2O, the capital of the B2O, the capital of the B6 Exchange, the capital of B2 million, the capital of the B2int, the capital of the B2U, the capital of the B2B, the capital of the B2O, the capital of the B2O, the capital tracking platform of the high-risk business, the highest value of the B2B, the B2O, the capital of the B2O, the capital of the top-tore.
此外，针对数字资产交易所存在的合规性压力，PeckShield 安全团队研发出了一套服务工具，其不仅可以帮助数字资产交易所对黑名单地址进行有效监控，对目标地址进行风险评分，还能对每笔交易所进出账做 KYT 实时监控追踪，弥补 KYC 信息的不足。最终，帮助交易所拥抱监管避开赃款陷阱，联同网警及生态合作伙伴多方力量，帮助受害者封堵、阻截、寻回被盗或诈骗资产。
In addition, in response to the compliance pressures of the digital asset exchange, the PeckShield security team has developed a service tool that will not only help the digital asset exchange effectively monitor blacklist addresses, rate the risks at the target address, but also track every exchange’s entry and exit account in real time to compensate for KYC information deficiencies. Ultimately, helping the exchange to embrace regulation to avoid the money-for-money trap, and working with cyber police and ecological partners to help victims block, intercept, trace stolen or fraudulent assets.
注：本报告所指的交易所合规性主要聚焦于AML反洗钱领域，其他合规性问题诸如，合规牌照、注册地法规等问题尚不在本报告讨论范围之内。且以下报告涉及到的数据和排名，均基于PeckShield 现有地址标签库的资金流向所统计，若有疑问可联系我们。
Note: The exchange compliance referred to in this report focuses mainly on the AML anti-money-laundering area, and other compliance issues, such as compliance license plates, registration regulations, etc. are not yet covered in this report. The data and rankings covered in the following report are based on the financial flows to PeckShield's current address label bank, which, if questioned, can be contacted.
1. 背景介绍和研究方法
1. Background presentation and research methodology
1.1 研究方法论
1.1 Research methodology
PeckShield 研究团队通过采集区块链网络链上和链下的公开原始数据，并基于此展开了专业、系统、深入的研究和分析。过去一年多时间内，PeckShield 积累了大量头部公链的交易和日志等链上数据信息，生成了海量的地址标签，构建了丰富全面的数据库，并开发了专业的数据分析工具。
The PeckShield research team has conducted professional, systematic and in-depth research and analysis by collecting open raw data on and under the block chain network. Over the past year, PeckShield has accumulated a large amount of data information on the chain, such as transactions and logs in the head chain, generated large-volume address labels, built a rich and comprehensive database and developed specialized data analysis tools.
我们的工具库可以分为如下七个主要部分：
Our toolkit can be divided into seven main components, as follows:
1）各大公链的交易级数据库。通过搭建全节点和对公链原生数据存储文件的解析，我们生成了各大公链的交易级数据库，包括比特币，以太坊，EOS，和波场等公链，并实时进行同步更新；
1) Trading-level databases in major public chains. Through the construction of full nodes and the analysis of raw data storage files in public chains, we generate trading-level databases in major public chains, including Bitcoin, Etheria, EOS, and the waves, which are updated simultaneously in real time;
2）海量的地址标签。由于区块链网络本身的匿名特性，绝大部分的链上地址背后所对应的用户身份信息是未知的。我们通过收集链下信息，并分析其链上交易的关联性，再融合机器学习算法，生成了总数近 1 个亿的地址标签库，基于此展开后续一系列的数字资产汇总和溯源分析；
2) Address labels of mass. Because of the anonymous nature of the block chain network itself, most of the corresponding user identification information on the addresses behind the chain is unknown. By collecting information from the chain and analysing the relevance of transactions on the chain, we integrate machine learning algorithms, generating a total of nearly 100 million address label libraries, based on which a subsequent series of digital asset aggregations and retrospective analyses are conducted;
3）数据分析和可视化软件。我们自主开发了数据分析和可视化工具，能把复杂的区块链资金流向可视化，从成千上万的交易和地址中制作出清晰的可视化图表，每当输入一笔交易，系统便可自动进行追踪，并自动展示出层级结构和主体信息。例如各大数字资产交易所的资产余额及相互间转账交易频次和总额；欺诈安全事件中赃款的转移路径及最终流向等。
3) Data analysis and visualization software. We have developed autonomous data analysis and visualization tools that can visualize the flow of money from complex block chains, produce clear visualization charts from thousands of transactions and addresses, and automatically track and display hierarchical structures and body information whenever a transaction is entered. For example, asset balances and frequency and total amount of transfers between major digital asset exchanges; and transfer routes and end-of-life flows of stolen funds in fraud security incidents.
4）交易所地址结构分析。交易所的地址主要分三类：冷钱包、热钱包和用户充提地址。冷钱包是交易所用来固定储存资产的地方，额度大，输入输出频次低且单次额度比较大；热钱包是交易所用来满足用户提币所需的动态资金，热钱包是用户充提地址和冷钱包地址的中转站，热钱包地址不多，但其输入输出的资金额度小但频次较高；充提地址是直接连接用户的地址，一个用户会有多个不同资产对应的充币地址，充提地址占交易所地址的大多数，额度不大但交易频次比较高。
Exchange address structure analysis. The address of the exchange is divided into three main categories: cold wallets, hot wallets, and user charging addresses. Cold wallets are the place where the exchange is used to hold assets. They are large, with low input-output frequency and larger individual amounts. Hot wallets are the dynamic money needed by the exchange to satisfy the user's currency notes. Hot wallets are the transit point for users'addresses and cold wallets, with few, but small, but high, amounts of money imported into and exported; and the address is a direct connection to the user's address, and one user has a currency charging address for several different assets, which accounts for the majority of the exchange's addresses, but not much but a high transaction frequency.
5）Common Spending：我们通过分析发现，如果一笔 (BTC) 交易同时有多个输入地址，那么就可以认定这些输入地址是由同一个实体控制。我们可以通过已有标签的地址不断辐射，挖掘更多的关联新地址，这会带来指数级的数据增长。
Common Spending: The analysis shows that if a transaction has multiple input addresses at the same time, it can be assumed that these input addresses are controlled by the same entity. We can continue to radiate through an already labelled address and dig up more connected new addresses, which will increase index-level data.
6）Cerberus 工具：为了提高挖掘地址标签的效率 ，我们专门开发了 Cerberus 工具，利用该工具可以从大数据库中批量提取关联的交易信息，然后结合内部收集的其他标签数据做内部过滤统计，再结合图数据库分析并结果并可视化展示资金流向。特别说明的是，利用该工具向前向后可秒级触达最高 100 层的全链路交易信息，能快速锁定和目标地址存在弱关联的交易并提取出来，比如黑客洗钱地址、交易所特征地址等。
6) Cerberus Tool: In order to improve the efficiency of site tag digging, we have developed the Cerberus tool, which can be used to extract linked transaction information in bulk from large databases, and then to perform internal filtering statistics in combination with other label data collected internally, and then to analyse and visualize financial flows in combination with graphic database analysis and results. Specifically, the tool is used to move forward full-chain transaction information to the highest 100 strategized levels, allowing fast locking and extraction of transactions with weak links to target addresses, such as hacker money laundering addresses, exchange identity addresses, etc.
7）CoinHolmes 系列服务：CoinHolmes 基于已有的标签数据库一整套包括黑名单地址监控、地址风险分评估，关联交易可视化路径分析等等。该系统会开放 API 给第三方平台，并且可在日常运营过程中直接输入查询地址，查询地址风险分并结合第三方平台已有的风控平台实施封堵，熔断等应急响应举措。
7) Coin Holmes service series: Coin Holmes has a set of blacklist addresses monitoring, address risk rating assessments, associated transaction visualization path analysis, etc. based on an existing label database. The system will open API to third-party platforms and can directly enter query addresses, query address risk scores and implement emergency response initiatives, such as smelting, in conjunction with wind control platforms already in place in third-party platforms.
如上图，我们研发了一套反洗钱风险评估体系，通过分析地址的风险和交易的特征以及相关地址的风险信息，对交易和地址进行风险评估。
As shown in the above figure, we have developed an anti-money-laundering risk assessment system to assess transactions and addresses by analysing the risks at the address and the characteristics of the transaction and the risk information at the relevant address.
风险评估引擎实时动态评估，给出每笔交易和每个地址的风险评级。我们建立一套「五档十级」的风险评估体系，帮助 VASP 区分不同的交易风险，进而制定出合理安全的风控体系。
Risk assessment engines provide real-time dynamic assessments of each transaction and risk rating for each address. We create a five-stage 10 risk assessment system that helps VASP to distinguish between different transaction risks and then develop a reasonably safe wind control system.
1.2 免责声明
1.2 Declarations of exoneration
本报告内容基于我们对区块链行业的理解以及多项研究实践，但由于区块链的匿名特性，我们在此并不能保证所有数据的绝对准确性，PeckShield 也不能对其中的错误、疏漏、或使用本报告引起的损失承担责任。
The content of this report is based on our understanding of the block chain industry and on a number of research practices, but because of the anonymous nature of the block chain, we are not here to guarantee the absolute accuracy of all data, nor can PeckShield be held responsible for any errors, omissions or losses arising from the use of this report.
同时，PeckShield 并非投资顾问、经纪人、或交易员，我们也不拥有该研究领域的非公开信息。所以，本报告不作为投资建议或其他分析的根据。
At the same time, PeckShield is not an investment consultant, broker, or trader, and we do not have undisclosed information on the research area. Therefore, this report does not serve as a basis for investment proposals or other analyses.
2. 交易所地址标签概览
2. Overview of exchange address labels
2.1 已统计交易所地址概述
2.1 Overview of the address of the statistical exchange
截至2020年06月30日，PeckShield 安全团队共计搜集、梳理了覆盖 BTC、ETH、EOS 三条主链总计近 1个亿 个地址标签，主要包含交易所、服务机构、暗网、混币服务商地址、跨链中心化倒卖机构以及涉及非法攻击的黑客地址等一系列高风险地址。
As of 30 June 2020, the PeckShield security team collected and combed a total of nearly 100 million address labels covering the three main chains of BTC, ETH, EOS, including a series of high-risk addresses such as exchange exchanges, service agencies, dark networks, addresses of money-coin service providers, trans-link centres, and hacker addresses involving illegal attacks.
交易所地址：由于大部分数字资产交易所目前尚是中心化管理模式，交易所相关的币地址、冷钱包地址、热钱包地址等，由于交易所只公开了一小部分地址，大部分地址是未公开的，因此我们需要根据链上数据特征，基于少量冲提地址进行扩充抽调，挖掘出藏在背后的交易所地址。暗网地址：在暗网市场，很多不法分子都以比特币、门罗币等数字资产作为结算，因此分布着大量的暗网收款地址，其地址所有人多为黑客或一些参与非法犯罪交易的主体所为。混币服务商地址：严格来讲比特币的链上地址不管拆分多少层，都能追溯到最终的源头及流向路径情况，因此混币服务商就成了洗钱的必经路径。混币服务商利用比特币 多个输入输出 UTXO 的特性，同时输入很多洗钱地址，然后在找零环节混入其他正常交易进而将资金流向秩序打乱。比如：BitLaunder, HelixMixer, sideshift.ai 等服务商。跨链中心化倒卖机构地址：由于大部分中心化交易所存在严格的 KYC 审查机制，一些黑客地址被盯上后想很快把资金清洗干净面临着很大被交易所封堵的风险。于是一部分黑客会选择一些免 KYC 的中心化倒卖机构进行洗钱操作。比如：Changenow、CoinSwitch 等平台。高风险黑客地址：我们统计了包含利用技术漏洞攻击、利用理财陷阱诈骗、利用要害信息勒索以及大量博彩赌博相关的地址标签，这些我们统一概括为高风险地址。以利用技术漏洞攻击的黑客地址为例，黑客攻击成功后会进行周密的分散洗钱操作，过程中会产生大量的关联地址。这些地址的每一次链上异动背后都存在黑客用来洗钱的可能。6）资金盘地址：过去一年内，我们已经监控包括 TokenStore、PlusToken 等在内的数十个资金盘相关地址，这些地址为了掩人耳目往往进行了密集的多账号转移和复杂的洗钱操作。赌博平台地址：我们监控到存在一些专门从事非法赌博的平台，当中存在一些洗钱行为。这近 1 亿个地址标签中中，包含 BTC 地址6,000万+，ETH 地址3,000万+，其中交易所地址标签将近 5,300 万个，占比75%以上，共计覆盖包括：Huobi、Binance、OKEx、Coinbase、ZB、Bitfinex、Bitstamp、Poloniex、Bithumb、Gate.io、Upbit、KuCoin 等头部交易所在内的数百个交易所。
An exchange address: As most digital asset exchanges are now centralized, the exchange's related currency addresses, cold wallet addresses, hot wallet addresses, etc. Since the exchange has only a small number of addresses, most of which are undisclosed, we need to expand them on the basis of the data features of the chain, based on a small number of hedged addresses, and dig out the addresses hidden in the back of the exchange. In the dark market, many outlaws use digital assets such as Bitcoin, Monroeco, so that they have a large number of secret money-collection addresses, mostly by hackers or some of the subjects involved in illegal crime transactions.
（图一：交易所地址总数）
(Figure I: total number of exchanges)
如图一所示，我们对已知的全部地址标签进行了归类分析发现（该统计主要以 BTC 和 ETH 为主），我们目前已知地址最多的数字资产交易所排行前五位分别为：Coinbase 排行第一位，共有 1,852 万个地址、Binance 排行第二位，共有 542 万个地址、Bittrex 排行第三位 共有 323 万个地址、Bitstamp 排行第四位，共计 319 万个地址、Huobi 排行第五位，共计 193 万个地址。需要说明的是，我们已掌握的链上地址，只是我们利用技术手段挖掘出的的地址情况，这些地址量级不完全等同于交易所的实际掌握地址，只是在交易所地址尚未透明的背景下，给出的一个参考性的展示。
As figure I shows, we have analysed all known address labels (the statistics are dominated by BTC and ETH), with the top five digital asset exchanges with the most known addresses: Coinbase ranked first, with 18.52 million addresses, Binance ranked second, with 5.42 million addresses, Bittrex ranked third, with 3.2 million addresses, Bitstamp ranked fourth, with a total of 3.190,000 addresses, Huobi ranked fifth, with a total of 1.93 million addresses.
（图二：交易所 BTC 地址排行榜）
(Figure II: Exchange BTC address ranking)
（图三：交易所 ETH 地址排行榜）
(Figure III: Exchange ETH address ranking)
如图二、图三所示，我们对各个交易所拥有的 BTC 和 ETH 地址标签进行了排行。
As shown in figures II and III, we rank BTC and ETH address labels belonging to each transaction.
BTC 方面：其中 Coinbase 交易所拥有个 1,851 万地址，排名第一位，Binance 交易所拥有地址 400 万个，排名第二位；排名第三位的是 Bitstamp 交易所，拥有地址 265 万个；
BTC area: of these, the Coinbase Exchange has 18.51 million addresses, ranked first, the Binance Exchange has 4 million addresses and ranked second; the third is the Bitstamp Exchange, with 2.65 million addresses;
ETH 方面：Bittrex 地址 拥有 158 万个，排行第一位，ShapeShift 拥有地址146 万个，排行第二位，Binance 拥有地址 142 万个，排行第三位。
ETH: Bittrex has 1.58 million addresses, first in line, ShapeShift has 1.46 million addresses, second in line, Binance has 1.42 million addresses, third in line.
需要说明的是，查找交易所地址过程具有一定的复杂性，我们先要搜集一部分充提地址作为种子地址，然后再链上利用 Cerberus 工具，进行大批量关联性的地址抓取、入库，与此同时，我们同时会对所挖掘的地址进行必要的链下验证确认，以确保地址的准确性。
It should be noted that the process of locating the address of the exchange is somewhat complex and that we first need to collect some of the filled addresses as seed addresses, and then use the Cerberus tool on the chain for a large number of connected addresses to be retrieved and stored, while simultaneously we will be able to verify the location being dug under the chain to ensure the accuracy of the address.
2.2 交易所地址余额情况
2.2 Exchange address balance
（图四：已统计交易所地址余额排行榜）
(Figure IV: Statistical exchange address balance ranked)
我们对已监控的不同交易所所属不同资产（主要为 BTC，ETH，和 USDT）进行汇总以美元统计发现：Coinbase 交易所的资产总量为 111 亿美元，排行第一位，Huobi 交易所资产总量为 57.9 亿美元，排行第二位，Binance 交易所资产总量 34.5 亿美元，排行第三位，Bitfinex 资产总量 29.9 亿美元，排行第四位，而 OKEx 资产总量为 25.2 亿美元排行第五位。
A summary of the different assets (mainly BTC, ETH, and USDT) belonging to the different exchanges monitored revealed in dollar terms that the total assets of the Coinbase Exchange were $11.1 billion, ranked first, the total assets of the Huobi Exchange were $5.79 billion, the total assets of the Binance Exchange were ranked second, the total assets of the Binance Exchange were $3.45 billion, the third, the total assets of Bitfinex were $2.99 billion, and the total assets of the OKEx were ranked fourth, and the total assets of $2.520 billion were ranked fifth.
（图五：交易所地址余额列表—前十位）
(Figure V: Exchange address balance list - top ten)
为了更直观地看到交易所的资产余额变动情况，我们单独例举了火币、币安和 Coinbase 三家头部交易所的资产余额情况，发现这三家交易所的资产余额走势保持相对平稳，偶尔出现较大的波动基本和行业波动有直接关系，如图六、图七、图八所示。
In order to see more intuitively the movements in the exchange's asset balances, we cite separately the balances of the three leading exchanges, namely, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo, the Democratic Republic of the Congo and the Democratic Republic of the Congo.
（图六：2020上半年火币交易所资产余额情况）
(Chart VI: Stock balance of the currency exchange in the first half of 2020)
（图七：2020上半年币安交易所资产余额情况）
(Figure VII: Balance of assets of the Exchange in the first half of 2020)
（图八：2020上半年 Coinbase 交易所资产余额情况）
(Figure VIII: Balance of assets of the Coinbase Exchange in the first half of 2020)
2.2.1 交易所地址冷热钱包分布情况
2.2.1 Distribution of exchange address cold wallets
正如前文中所说，我们从各个主链挖掘出大量的交易所地址，再根据这些地址的交易频次和交易数额等交易特性分别梳理出各个交易所对应的冷钱包、热钱包、充币地址等。
As stated earlier, a large number of exchange addresses have been extracted from the main chains, and the respective cold wallets, hot wallets, coin-filled addresses, etc., have been developed according to the transaction characteristics of those addresses, such as the frequency of transactions and the amount of transactions.
（图九：交易所冷钱包情况——BTC 资产）
(Figure IX: Exchange Cold Wallet Status - BTC Assets)
图九为交易所的 BTC 冷钱包分布情况，地址余额最大的为 Coinbase 拥有 96.2 万个 BTC，火币次之拥有 36.9 万个 BTC，而币安紧随火币之后拥有 23.8 万个 BTC。
Figure IX shows the distribution of BTC cold wallets on the exchange, with the largest address balance being Coinbase, with 96.2 million BTCs, with 36.9 million BTCs second, and 23.8 million BTCs next to them.
（图十：交易所冷钱包情况——ETH 资产）
(Figure X: Exchange Cold Wallet Status - ETH Assets)
如图十所示，交易所的冷钱包 ETH 资产排行情况，Coinbase 拥有 1,044 万个 ETH 排行第一位，Bitfinex 拥有 764 万个 ETH 排行第二位，排名第三位的是火币，拥有 394 万个 ETH。
As shown in figure X, the exchange's cold wallet ETH asset ranking, Coinbase had 10.44 million ETHs in first place, Bitfinex had 7.64 million ETHs in second place, and the third was the currency with 3.94 million ETHs in third place.
（图十一: 交易所热钱包资产情况——BTC 资产）
(Figure XI: Exchange Hot Wallet Assets - BTC Assets)
如图十一所示，交易所的热钱包 BTC 资产排行情况，Kraken 拥有 11,708 个 BTC 排行第一位，币安拥有 9,255 个 BTC 排行第二位，排名第三位的是 Luno，拥有 7,072 个 BTC。
As shown in figure XI, the exchange's hot wallet BTC asset ranking, Kraken had 11,708 BTC in first place, BTC in second place with 9,255 BTC in second place and Luno in third with 7,072 BTC in third place.
如图十二所示，交易所热钱包 ETH 资产排行榜中，Huobi 拥有 82.6 万个 ETH 排行第一位，币安拥有 29.8 万个 ETH 排行第二位，排行个第三位的是 Kraken 拥有 24.6 万个 ETH。
As shown in figure XII, the exchange's hot wallet ETH asset list, Huobi has 826,000 ETHs in first place, the currency has 298,000 ETHs in second place, and Kraken has 246,000 ETHs in third place.
（图十二: 交易所热钱包资产情况——ETH 资产）
(Figure XII: Exchange Hot Wallet Assets - ETH Assets)
3.交易所地址流向全画像
3. Exchange address flow to full picture
3.1 已统计交易所地址冷热钱包交互情况
3.1 Interchange of cold and hot wallets at a statistical exchange address
我们在对大量的交易所地址进行纵向和深入分析之后，发现不同交易所冷热钱包之间交互频次大相径庭。对用户而言，如果一个交易所的冷钱包资产相对稳定，进账远远大于出账的时候说明该交易所的资产和负债相对稳定，反之则代表该交易所的资产相对不稳定。而如果一个交易所热钱包地址比较活跃的话则说明该平台的用户充提行为比较活跃，侧面则反映出该交易所有相对较好的市场活跃度。
After a vertical and in-depth analysis of a large number of exchange addresses, we find that there is a wide variety of interactions between the exchange’s cold wallets. For users, if the exchange’s cold wallet assets are relatively stable, the account entry is much more stable than the check-out, and vice versa, the exchange’s assets are relatively unstable.
（图十三: 2020上半年交易所充币地址充值情况）
(Figure XIII: Exchange billing in the first half of 2020)
如图十三反映了今年年初以来，已统计全部交易所的 BTC 资产充值情况。数据显示，自03月09日起，BTC 充值额度就有明显的爬升，并于03月12日达到峰值，当天 BTC 充值额度达到了 43.66 万枚。众所周知，今年03月12日加密市场遭遇了一次行情血崩，当天 BTC 行情振幅最高最高达到了40%，大家等待中的减半行情没有到来，价格先遭遇了减半。从链上数据来看，充值地址的异常活跃背后可能潜伏着一次较大的行情波动可能。
As figure XIII shows, the BTC asset replenishments for all exchanges have been counted since the beginning of the year. The data show that the BTC replenishments have risen significantly since 09/03 and peaked on 12/03, when BTCs reached 43.66 million.
（图十四：2020上半年交易所充币地址流入数额排行榜）
(Figure XIV: Exchange inflow in the first half of 2020)
如图十四所示，我们对2020上半年流入交易所的资金进行了详细划分发现，自年初以来流入资金最多的交易所为火币交易所，共计流入 454 万个 BTC，排名第二位的是币安交易所，共计流入 157 万个 BTC，排名第三位的是 Coinbase 交易所，共计流入了 79 万个 BTC。
As shown in figure XIV, a detailed breakdown of the funds that flowed into the exchange in the first half of 2020 revealed that the largest inflow since the beginning of the year was the currency exchange, with a total of 4.54 million BTC inflows, followed by the currency exchange, with a total of 1.57 million BTC inflows, and the Coinbase exchange, with a total of 790,000 BTC inflows.
我们进一步观察发现，交易所之间彼此存在的资金流动比较频繁。接下来，我们将以币安交易所为例，并选取过去一个月的资金流动情况为参考，可以进一步管窥交易所之间的资金转移情况。
We have further observed that there are more frequent financial flows between exchanges. Next, we will take the example of a currency exchange and select the financial flows of the past month as a reference to which we can look further into the transfer of funds between exchanges.
如下图十五、图十六所示，我们分别统计了今年六月币安交易所资产流进流出资金情况发现：过去一月，未知地址流入币安交易所的资产共计 39.88 万个BTC，占比70%，而从火币流入币安的 BTC 有 5.12 万个，占比9%，OKEx 流入币安的 BTC 有2.81万个，占比5%。而过去一月，币安交易所流入未知地址的资产共计 43.24 万个，占比70%，流向 Coinbase 交易所的 BTC 有 7.06万个，占比11%，而流向 OKEx 交易所的 BTC 有 1.92 万个，占比3%。
Figures XV and XVI below show that the flow of assets into and out of the currency exchange in June of this year showed that in the past month, assets from unknown addresses to the currency exchange totalled 39.88 million BTCs, or 70 per cent, while in the past month there were 5.12 million BTCs, or 9 per cent, from gun money to currency and 28.1 million BTCs, or 5 per cent, from OKEx to currency. In the past month, there were 43.24 million, or 70 per cent, of assets from the currency exchange to unknown addresses, and in the BTCs to Coinbase, there were 7.06 million BTCs, or 11 per cent, and in the BTCs to the OKEx Exchanges, there were 1.92 million BTCs, or 3 per cent.
不难发现现在数字资产的流动主要集中在几个头部交易所之间，他们控制着大部分流通性。
It is not difficult to find that the current flow of digital assets is concentrated between several head exchanges, which control most of the liquidity.
（图十五：六月份币安交易所流入BTC 资产情况）
(Figure XV: Exchange inflows into BTC assets in June)
（图十六：六月份币安交易所流出 BTC 资产情况）
(Figure XVI: Currency Exchange outflows of BTC assets in June)
整体而言，我们可以初略估算出，过去30天，流入币安交易所的 BTC 数额为 56.69万枚，而流出币安交易所的 BTC 数额为61.7万枚，币安现在资产属于净流出状态。
On the whole, we can begin to estimate that, over the past 30 days, the amount of BTC flowing into the Exchange was 56.69 million, while the amount of BTC leaving the Exchange was 617,000, and the currency is now in a state of net outflow.
相比之下，国内另一大知名数字资产交易所火币网，过去30天，流入BTC资产19.88万枚，而流出BTC资产则为19.89万枚，基本持平。
In contrast, another major digital asset exchange in the country, a gunnet, has been flowing into BTC assets for the past 30 days, amounting to 198,000, while the outflow of BTC assets has remained essentially equal.
3.2 已统计交易所跨国界资产流动情况
3.2 Cross-border movements of assets of established exchanges
由于现在交易所注册在世界各地，有着不同的用户群体，我们分析各主要交易所的每天的资产余额以及交易所之间的资产流动情况，某种程度上，交易所可以和国家产生一些对应关系，分析一些交易所之间的资金流动，基本等于数字资产在不同国家之间的流动。
As exchanges are now registered around the world, with different user groups, we analyse the daily asset balances of major exchanges and the movement of assets between exchanges. To some extent, the exchanges can create some correspondence with the State, and the flow of financial flows between some exchanges is essentially equal to the movement of digital assets between countries.
（图十七：2019年从中国向国外各大交易所流出的资金总量）
(Figure XVII: Total financial outflows from China to major foreign exchanges, 2019)
我们在此前的2019年度数字资产反洗钱（AML）报告中，部分阐述了关于数字资产跨国界流动的内容。
In our previous 2019 report on digital assets against money-laundering (AML), we described in part the cross-border movement of digital assets.
据 PeckShield 研究数据发现，以 BTC 为例，按交易时价计算，2017 年通过数字资产交易所从中国流向国外的资金量为 101 亿美元，2018 年为 179 亿美元，2019 年为 114 亿美元。近三年的流出资金总额超出中国三万亿美元外汇储备的1%。
According to the PeckShield study, BTC, for example, flows from China to abroad through the Digital Assets Exchange in 2017 amounted to $10.1 billion, compared with $17.9 billion in 2018 and $11.4 billion in 2019. Total outflows in the last three years exceeded China's foreign exchange reserves by 1 per cent of $3 trillion.
3.3 已统计交易所地址赃款流进流出情况
3.3. Number of stolen funds in and out of the address of the established exchange
根据 PeckShield 旗下数字资产追踪平台 CoinHolmes 数据显示，截至06月30日，我们统计了 101 起黑客攻击事件，共计赃款 25.91 亿美元，其中至少 1,482 万美元已经流入交易所，此外还有 32 个包括 TokenStore、PlusToken 等在内的理财钱包或资金盘诈骗案件，受影响人群超百万，共涉及资产 75.18 亿美元，且目前已经有至少 2.1 亿美元流入交易所。
According to the PeckShield digital asset tracking platform Coin Holmes, as at 30 June, we had counted 101 hacker attacks with proceeds totalling US$ 25.91 billion, of which at least US$ 14.82 million has been transferred to the exchange, and 32 cases of financial wallets or funds cut-off fraud, including TokenStore, PlusToken, etc., which affected over millions of people, involving assets totalling US$ 75.18 billion, and currently amounting to at least US$ 2.1 billion to the exchange.
我们对标记为高风险的地址进行了针对性监控发现，过去6个月共计流入数字资产交易所 13,927 笔高风险资产，合计 14.7 万个BTC，时价折合超过 14 亿美元，已经是一笔非常惊人的资产。
Our targeted surveillance of addresses marked as high-risk has revealed that a total of 13,927 high-risk assets, totalling 147,000 BTCs, have been entered into the digital asset exchange over the past six months at a price of more than $1.4 billion, which is already a very amazing asset.
（图十八：2020上半年，赃款流入交易所排行情况）
(Figure XVIII: In the first half of 2020, the proceeds flowed into the exchange)
如图十八所示，我们把涉及赃款最多的交易所做了排名发现，前十位的交易所分别为：Huobi、Binance、OKEx、ZB、Gate.io、BitMEX、Luno、HaoBTC、Bithumb、和 Coinbase。
As shown in figure XVIII, we have ranked the exchange most involved in the proceeds, the top 10 of which are Huobi, Binance, OKEx, ZB, Gate.io, BitMEX, Luno, HaoBTC, Bitumb and Coinbase.
（图十九：2020上半年，交易所每天涉及赃款交易频次和数额）
(Figure XIX: During the first half of 2020, exchanges were involved in the frequency and amount of stolen money transactions on a daily basis)
（图二十：2020上半年，交易所流出赃款频次和数额排行）
(Figure XX: first half of 2020, exchange streaming and volume ranking)
如图十八所示，我们对标记为高风险的地址做了详细分析发现，过去的6月份共计有 377 笔赃款交易流入火币网，交易总额达 7,787 个 BTC，而共计有 534 笔赃款交易流入币安网，交易总额达 5,732 个 BTC，而流入 OKEx 交易所共计 94 笔赃款，交易总额为 3,491 个 BTC。
As shown in figure XVIII, a detailed analysis of the addresses marked as high-risk has revealed that in the past June, a total of 377 stolen transactions were channelled into the currency network, totalling 7,787 BTC transactions, while a total of 534 stolen transactions entered the currency network, totalling 5,732 BTC transactions and a total of 94 stolen transactions into the OKEx Exchange, totalling 3,491 BTC transactions.
如图二十所示，也存在大量从交易所流出赃款的情况，过去一个月共计 145 笔赃款从 Binance 交易所流出，共计总额 3,887 个BTC，而共计 35 笔赃款从火币交易所流出共计总额达 1,430 个 BTC，而共计 463 笔赃款从 Kraken 交易所流出，共计总额为 434 个BTC。
As shown in figure XX, there was also a significant outflow of proceeds from the exchange, with a total of 145 proceeds from the Binance Exchange for the past month totalling 3,887 BTCs, while a total of 35 proceeds from the Flame Exchange totalled 1,430 BTCs and a total of 463 from the Kraken Exchanges for a total of 434 BTCs.
3.3.1 已统计赃款洗钱情况说明
3.3.1 Description of money-laundering accounted for
我们在分析研究过程中发现，整个区块链生态面临的合规挑战非常艰巨，除了已知数字资产交易所本身的合规性问题之外，还存在一些完全不受监管的中间环节，比如：混币服务商和中心化倒卖机构。
In our analytical research, we have found that the compliance challenges facing the entire block chain ecology are enormous and that, in addition to the known compliance problems of the digital asset exchange itself, there are completely unregulated intermediaries, such as currency dealers and centralized down-sale agencies.
这些中间环节犹如黑洞一般，吸走了大量的资产，使得整个资金流向环境变得错综复杂且难以追踪。一方面，我们在对地址做研究分析的时候发现，部分赃款会流入一些混币服务工具进行洗钱，截至目前我们已监控至少有 15.9 亿美元资产和混币服务商有关联；
These intermediates, like black holes, absorb a large amount of assets, making the entire money flow environment complex and difficult to trace. On the one hand, when we look at the address, we find that part of the stolen money flows into a number of currency instruments for money-laundering, and we have so far monitored at least $1.59 billion in assets and money-sharing service providers;
（图二十一：已统计混币服务商的资金吸纳情况）
(Figure XXI: Financial intake of non-monetary service providers accounted for)
另一方面，我们同时也发现，有一部分被盗资产会流向类似 ChangeNow、CoinSwitch 之类的中心化倒卖机构，这些机构不需要 KYC 环节，可以帮助用户人工倒卖各类数字资产，也成为一种比较主流的洗钱通道。
On the other hand, we also found that some of the stolen assets would go to centralized down-sale agencies such as Changenow, CoinSwitch, which do not need the KYC link, which can help users sell digital assets manually and serve as a more mainstream money-laundering route.
透过看混币服务商和跨链中心化倒卖机构，我们不难理解现在区块链生态面临的洗钱生态的复杂性。
It is not difficult to understand the ecological complexity of money-laundering, which is now faced with block-chain ecology, by looking at currency service providers and cross-linkages centralizing down-sale agencies.
2019年年底， Upbit 交易所遭受黑客攻击损失了 3.4 万个 ETH，过去半年时间，黑客一直在持续进行资产转移、切割、分散转移、混币、洗钱等操作，且于近日全部资金已清洗完成。如图二十二所示，黑客在攻击 Upbit 交易所得手后分了四层转移，最终资金分别流入了币安、BitMax、Gate.io、Huobi、KuCoin、OKEx、BYEX 等交易所。
At the end of 2019, the Upbit Exchange lost 34,000 ETHs as a result of hacker attacks. For the past six months, hackers have been engaged in ongoing asset transfers, cutting, decentralized transfers, coins, money laundering, etc., and have recently been laundered. As shown in figure XXII, hackers have split up four layers after attacking Upbit’s hands, with the funds eventually flowing into the bureaux of Cheonan, BitMax, Gate.io, Huobi, Kucoin, OKEx, BYEX, etc.
（图二十二：Upbit项目赃款流入交易所情况分析）
(Chart XXII: Analysis of the flow of stolen funds from the Upbit project to the exchange)
4. 交易所合规性挑战
4. Exchange compliance challenges
值得一提的是，最初世界各个国家对数字资产交易所的监管态度都是模糊的，因此出台的策略也是简单粗暴一刀切。世界其他国家中，对数字资产比较友好的国家分别有瑞士、韩国、英国等；保持中立态度的国家有印度、印尼等；态度较强硬，明确限制的国家有俄国等。
Of the rest of the world, countries that are more friendly to digital assets include Switzerland, South Korea, the United Kingdom, etc.; India, Indonesia, etc.; and Russia, which is stronger, with clear limitations.
以我们国家为例，早在2013-2017年因监管条例缺失，央行发布了两份报告，第一次否定了比特币的合法性，第二次则禁止了 ICO 和数字货币交易等行为。但2019年10月24日，国家将区块链技术升级为核心技术突破口，等同于明确了对于区块链行业的监管态度，因此行业合规性问题也就变得尤为重要。
By way of example, as early as 2013-2017, the Central Bank issued two reports denying the legitimacy of Bitcoin for the first time, and a ban on ICO and digital currency transactions for the second time. But on October 24, 2019, the state upgraded block chain technology as a core technical breakthrough, amounting to a clear regulatory approach to block chain industries, making industry compliance particularly important.
对于区块链行业而言，短期看是一把双刃剑，监管会促使政策加大对行业违法乱纪行为的一棍子棒打行为，一方面这会让很多徘徊在政策和法规模糊边缘的项目被一网打尽加快行业格局的重新洗牌；另一方面这会让一些优质的项目能够突出重围得到更主流的资本、人才等青睐进而得到长期稳固的发展。
For the sector of the block chain, the short term is a double-edged sword, and regulation will encourage policy to increase a stick-and-stick action against industrial delinquency, which, on the one hand, will allow many projects that are on the brink of policy and regulatory ambiguity to be reshuffled to speed up the reshuffle of the industry; on the other hand, it will enable some high-quality projects to highlight the benefits of more mainstream capital, talent, and so on, to grow steadily over the long term.
然而，监管之路并非一帆风顺，现在政府要全面介入区块链生态的监管面临如下挑战：
However, the regulatory path has not been easy, and the Government now faces the following challenges to fully engage in the regulation of the ecosystem of the chain of blocks:
1) 现在主流的数字资产比如，BTC、ETH、EOS 等基本都是跨国界的，并无明确的政府监管范围。而且即使是某一个国家的政府强行干涉，该数字资产在其他国家依然能有流通空间，这使得监管介入的门槛比较高；
1) Mainstream digital assets such as BTC, ETH, EOS are now largely cross-border and do not have a clear scope for government regulation. And even if the government of one country interferes, the digital asset still has room for circulation in other countries, which places a higher threshold for regulatory intervention;
2) 现在主流的数字资产交易所比如币安等，基本注册地都在海外，但其大部分用户却在国内，这就导致国内的法律或政策很难对交易所主体实施监管；
2) There are now mainstream digital asset exchanges, such as currency security, that are mostly registered abroad, but most of their users are in the country, which makes it difficult for domestic laws or policies to regulate the subject matter of the exchange;
3) 现在区块链生态环境比较复杂，有中心化交易所、去中心化交易所、混币服务商、免 KYC 交易所、暗网等等种种不受监管的渠道，而且比特币有 UTXO 找零等复杂的机制，一笔赃款在链上经过层层转移之后，尤其是经过一些混币渠道就几乎没法追踪到了。
3) The complex environment of the block chain is now characterized by unregulated channels such as a centralized exchange, a decentralized exchange, a mixed currency service provider, a free KYC exchange, a dark net, and a complex mechanism such as UTXO for zero in Bitcoin, which is virtually untraceable after a small amount of stolen money is transferred through the chain.
4) 现在各国政府监管区块链的态度都不明确，地方司法或公安系统虽然接到了大量关于区块链诈骗相关的案宗，但目前没有明确的法律政策供参考执行，因此这类案件立案程序比较复杂，会存在一定时间窗口；另外大部分交易所都不愿意在警方没有立案的情况下私自对用户的资产进行处理，也会给黑客洗钱留下很多时间空间。整体而言，现在追查赃款存在的时间窗口太大，让很多违法分子洗钱操作容易得逞。
4) There is now a lack of clarity in the attitude of governments to the chain of blocks under their supervision, and local justice or public security systems, although they have received a large number of cases related to block chain fraud, do not have a clear legal policy for enforcement, so the procedures for filing such cases are complicated and there will be a window of time; most other exchanges are reluctant to deal with the assets of their users in private without a police case, leaving much time for hacker money-laundering. Overall, there is now too much window of time for tracing the proceeds, making it easier for many offenders to launder money.
此外，交易所面临的合规性挑战还体现在其内部构建环境的复杂性上：
In addition, the compliance challenges faced by transactions are reflected in the complexity of their internal construction environment:
1) 数字资产交易所要对目前上架的全部数字资产做统一的合规性检查，而不同币种的合规性情况，在不同国家均有较大差异，这会给交易所自身业务带来巨大挑战；
1) A digital asset exchange is required to perform a uniform compliance check of all digital assets currently on board, and compliance in different currencies varies considerably from country to country, which poses a significant challenge to the exchange's own operations;
2) 数字资产交易所服务的用户目前更更多是一些崇尚去中心化和自由的技术极客，交易所面临拥抱监管还是选择用户的二选一难题。
2) The users of digital asset exchange services are now more often technocrats who embrace decentralisation and freedom, and the exchange is faced with the dilemma of whether to embrace regulation or choose users.
3) 数字资产交易所的内部账本目前都是不透明的，但其合约市场一直存在后台控盘，拔网线等争议性，这些道不清说不明的问题，目前很难有一套公允的说法。
3) While the internal books of the digital asset exchange are not currently transparent, the ongoing controversial nature of the contract market, such as back-office controls and wire-wiring, are unclear and it is difficult to arrive at a fair statement at this time.
5. 结论
5. Conclusions
综上所述，PeckShield 安全团队向大家展示了 FATF 政策落实后，数字资产交易所整体面临的合规性问题，包括，交易所之间的资金往来合规性问题，流入交易所的赃款情况等等，整体而言：
On the basis of the above, the PeckShield security team showed the compliance problems faced by the digital asset exchange as a whole following the implementation of the FATF policy, including financial compliance between exchanges, proceeds to the exchange, etc., and overall:
据 PeckShield 数据显示，截至 2020年06月30日，全球数字资产交易所资产余额排行榜（以 BTC+ETH+USDT 资产折算为美元计）为：Coinbase 交易所的资产总量为 111 亿美元，排行第一位，Huobi 交易所资产总量为 57.9 亿美元，排行第二位，Binance 交易所资产总量 34.5 亿美元，排行第三位，Bitfinex 资产总量 29.9 亿美元，排行第四位，而 OKEx 资产总量为 25.2 亿美元排行第五位, BitMEX, kraken, Germini, mtGox, bittrex 等分别排行第六到第十位。据 PeckShield 旗下数字资产追踪平台 CoinHolmes 数据显示，包括黑客攻击、资金盘、暗网、赌博等在内的我们已标记为高风险的地址，在过去 6 个月共计流入数字资产交易所 13,927 笔高风险资产，合计 14.7 万个BTC，时价折合超过 14 亿美元，已经是一笔非常惊人的资产。我们把流入赃款最多的交易所做了排名发现，排名前十位的交易所分别为：Huobi、Binance、OKEx、ZB、Gate.io、BitMEX、Luno、HaoBTC、Bithumb、和 Coinbase。据 PeckShield 数据显示，截至2020年06月30日，我们已监控高危风险地址中，流入黑名单地址的资金有 16.2 亿美元，流入混币服务商的资金有 15.9 亿美元，特别要强调的是，经混币服务的资金如同石沉大海，大部分很可能已经被 成功洗钱，很难有再被技术性追踪的可能性。常见的混币服务商有：Bitlaunder, HelixMixer, Samourai, Wasabi, BitcoinFog 等；中心化倒卖机构有：ChangeNow、CoinSwitch 等。参考文献
According to the PeckShield data, as of 30 June 2020, the assets balance of the Global Digital Asset Exchange was ranked as $11.1 billion; the assets of the Coinbase Exchange were converted into United States dollars; the assets of the Centre were ranked first at $5.79 billion; the assets of the Huobi Exchange were ranked second, the assets of the Binance Exchange at $3.45 billion; the assets of Bitfinex at $3.29 billion; the assets of the Global Digital Asset Exchange were ranked fourth; the assets of the Global Digital Asset Exchange were converted to United States dollars; the assets of BITC+ETH+USDT at $2.5 billion; the assets of BitMEX, kraken, mtGox, Bitrex, etc., were ranked sixth to tenth respectively; the assets of the Stock Exchange at $5.9 billion; the assets of the Peck Shielt Exchange at high risk, the assets of the Exchange at high risk, the assets of B4.7 million; and the assets of the Exchange at high risk were sold to G2.
[1] FATF INR15 监管条例
[1] Regulation of FATF INR15
[2] PeckShield 数字资产反洗钱报告
[2] PeckShield Digital Assets Anti-Money Laundering Report
[3] CoinHolmes 数字资产可视化追踪平台 www.coinholmes.com
[3] Coin Holmes Digital Asset Visualization Tracking Platform www.coinholmes.com
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