A multinational investigation involving over 100 journalists reveals how exchanges like Binance, OKX, and Coinbase facilitate illicit funds tied to global crime syndicates.
The International Consortium of Investigative Journalists (ICIJ) released its 'Coin Laundry' series detailing how illicit funds are routed through major crypto exchanges such as Binance, OKX, Coinbase, Kraken, Bybit, and Kucoin. Over 100 journalists from 35+ countries collaborated, with media partners including The New York Times and Le Monde. The report traced funds to entities like North Korean hackers, Russian and Chinese gangs, and the Sinaloa cartel, often using stablecoins to move money quickly and invisibly. ICIJ’s findings highlight blockchain’s speed, anonymity, and global reach, raising urgent regulatory questions. ICIJ Executive Director Gerard Ryle questioned the role of exchanges and regulatory lag in confronting crypto-enabled crime.