THE CRYPTO LAUNDRY. . . . . .
the Coin Laundry exposes how cryptocurrency companies have empowered
shadow economy that lavishly profits from crime.
Led by the International Consortium of Investigative Journalists, The Coin Laundry is a groundbreaking cross-border investigation that reveals how many of these companies make money off the proceeds of scams, theft and other crimes — while those who’ve lost their savings or livelihoods are left with little hope of justice.
A trailblazing analysis by ICIJ revealed that as recently as July 2025, Huione Group, a Cambodian financial institution flagged by U.S. authorities two months earlier as a “primary money laundering concern,” sent about a million dollars worth of the digital currency tether a day to accounts at Binance, the world’s largest cryptocurrency exchange. In total, ICIJ’s review uncovered more than $408 million flowing from Huione to customer accounts at Binance from July 2024 to July 2025.
Hundreds of millions of dollars flowed from Huione into Binance customer accounts while the company was under the supervision of two court-appointed monitors. The monitors were part of Binance’s November 2023 plea deal for violating U.S. anti-money laundering laws. Binance agreed to pay $4.3 billion, one of the largest corporate penalties in U.S. history.
