ICIJ Exposes ‘Coin Laundry,’ Crypto’s Shadow Financial System

The International Consortium of Investigative Journalists (ICIJ) published a series of reports revealing how cryptocurrency is exploited for various criminal activities, such as human trafficking and drug cartels. These investigations show that illicit funds are funneled through major exchanges like Binance, OKX, and Coinbase, highlighting the ease with which criminals can transfer money using crypto. The reports underscore the increasing anonymity and speed of cryptocurrency transactions as significant factors contributing to its use in unlawful activities. ICIJ's Executive Director, Gerard Ryle, emphasized the urgent need for regulators to adapt to a financial system that operates largely out of view. The organization collaborated with over 100 journalists from 35 countries and partnered with notable media outlets, including The New York Times and Le Monde. Their findings raise critical questions regarding the complicity of crypto exchanges in criminal operations and the challenges faced by law enforcement in tracking and regulating these transactions.

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