Many crypto exchanges operate with little to no customer verification, exploiting legal gaps or flouting laws across jurisdictions.

Analysts traced tens of thousands of blockchain transactions to map global money flows behind illicit activity, drawing on input from more than two dozen blockchain experts.

Two major exchanges pleaded guilty to money-laundering crimes and moved hundreds of millions of dollars in illicit funds, illustrating how regulated platforms can be implicated.

Investigators cite weak controls due to high alert volumes, limited staff for checks, and incentives for platforms to keep illicit activity flowing because of revenue.

The piece highlights a patchwork of global regulation and limited oversight despite enormous trading volumes and billions in fines, underscoring gaps in enforcement.

victims of scams and hacks—especially Russian-speaking individuals—face limited chances of recovering funds because crypto addresses are anonymous and mobile, complicating tracing.

Major exchanges like Binance, Bybit, and OKX are used to send funds to crypto-to-cash desks, raising questions about monitoring high-risk flows and knowledge of fund destinations.

Regulatory responses are mixed: U.S. actions have waned under recent leadership, while France probes Binance for money laundering and false advertising.

A sweeping ICIJ investigation, supported by 37 media partners across 35 countries, exposes how crypto firms and services fuel a shadow economy that profits from crime, including scams, theft, and money laundering.

Related coverage notes ongoing regulatory activity, including actions involving Tornado Cash and its developer, reflecting the evolving enforcement landscape.