crypto money laundering ICIJ

Crypto Titans Under Scrutiny - Billions in Illicit Funds Still Flow Through Major Exchanges

Posted on November 17, 2025 at 09:30 PM

Crypto Titans Under Scrutiny: Billions in Illicit Funds Still Flow Through Major Exchanges

The Coin Laundry: How Crypto Giants Keep Moving Dirty Money Despite Crackdowns

In a damning investigation by the International Consortium of Investigative Journalists (ICIJ), major cryptocurrency exchanges—among them some of the most influential players in the market—have been found to facilitate the movement of billions of dollars in illicit funds, even as regulatory scrutiny intensifies. (ICIJ)

What the Investigation Found

  • The ICIJ traced thousands of transactions across several years, mapping funds tied to scam networks, drug traffickers, and even North Korean hackers, flowing through big-name exchanges. (ICIJ)
  • Notably, funds from Cambodia-based Huione Group, which has been flagged by U.S. authorities for laundering money associated with Chinese crime syndicates and scam operations, made their way through leading exchanges. (Thailand Business News)
  • Between 2023 and 2025, Binance received at least US$408 million from Huione-linked sources, while OKX handled over US$226 million, including after the group was officially designated as a money laundering risk. (Thailand Business News)
  • This is despite earlier crackdowns: high-profile guilty pleas and court orders have not stopped the flow.

Why This Matters

  • The report underscores how even “monitored” exchanges are far from clean: regulatory actions haven’t fully curtailed their involvement in suspicious flows.
  • It highlights the growing sophistication of financial crime in crypto: illicit actors are leveraging complex networks, mixing services, and legitimate platforms to obscure the origins of their money.
  • For regulators, this is a red flag: current compliance and oversight practices may be inadequate to truly stem the tide of dirty crypto.

Broader Implications

  • The continued movement of illicit funds through major exchanges weakens efforts to build trust in the crypto industry—and fuels calls for stronger regulation and cross-border enforcement.
  • It raises tough questions: Are regulators acting fast enough? And can exchanges afford to prioritize profits over the integrity of their platforms?
  • As decentralized finance (DeFi) tools evolve, the risk of abuse may only worsen if not matched by equally sophisticated oversight.

Glossary

  • Money laundering: The process of disguising the origin of illegally obtained money, making it appear legitimate.
  • ICIJ (International Consortium of Investigative Journalists): A global network of reporters that collaborates on in-depth investigative stories.
  • Mixer / Tumbler: A service that mixes (or “tumbles”) multiple cryptocurrency transactions together to obscure their origin.
  • Designation of primary money laundering concern: When a financial institution is officially labeled as high-risk by regulators, potentially triggering sanctions or restricted access.

Conclusion Even as regulators tighten the screws on cryptocurrency platforms, the ICIJ’s findings make it clear: some of the biggest players are still deeply embedded in the illicit money ecosystem. The scale is vast, the networks are tangled, and the stakes—for both crypto’s legitimacy and global financial integrity—couldn’t be higher.

Source: Tech in Asia – Crypto giants moved billions in illegal funds despite crackdown (startupnews.fyi)

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