US banks moved $312B in dirty money, but critics still blame crypto

2025/08/29 13:13

Chinese money launderers have been moving billions through US financial institutions to aid Mexican drug cartels, yet lawmakers still point the finger at crypto.

US banks were responsible for laundering $312 billion for Chinese money launderers between 2020 and 2024, according to a new report.

In a US Financial Crimes Enforcement Network (FinCEN) advisory on Thursday, the watchdog analyzed over 137,000 Bank Secrecy Act reports from 2020 to 2024.

It found that over $62 billion per year on average has gone through the US banking system from Chinese money launderers.

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