The International Consortium of Investigative Journalists launched The Coin Laundry, exposing dirty money flows into major cryptocurrency exchanges through stories from over 35 countries. Partners revealed undercover transactions in Canada and regulatory challenges with platforms like Binance. Scams in South America and Uruguay left investors with significant losses.
The Coin Laundry investigation, coordinated by the International Consortium of Investigative Journalists, involved 37 media partners from more than 35 countries to highlight a shadow economy of illicit cryptocurrency activities. Journalists examined scams worldwide, noting that regulators struggle against evolving technology and criminal tactics. A key focus was on services allowing criminals to cash out cryptocurrency without mainstream banking involvement.
In Canada, CBC/Radio-Canada, the Toronto Star, and La Presse investigated crypto-to-cash operations. An undercover Toronto Star journalist tested 001k.exchange, a Ukraine-based service operating in North American cities. Posing as a customer via Telegram, the reporter transferred 2,000 USDT—a tether cryptocurrency pegged to the U.S. dollar—to a provided address. At a midtown Toronto remittance storefront, she collected the cash equivalent without showing identification, only verifying with the serial number of a Canadian $5 bill. This process violated Canadian anti-money laundering laws. The remittance business claimed the employee was conducting personal side business, while 001k.exchange did not respond to inquiries.
In Europe, De Tijd and Knack reported that Binance, the world's largest cryptocurrency exchange, ceased cooperating with Belgian police and judicial authorities since April. Previously cooperative, as noted in a 2023 Europol report, Binance now ignores requests for data on suspicious accounts across EU states. Belgian federal police crypto specialist Kevin Wiliquet stated, “Binance has always cooperated well with the Belgian police. But suddenly, at a certain point, it refused to cooperate with the police. That’s really quite recent.” Binance shifted Belgian customers to its Polish division in 2023 and stores data in jurisdictions like the Seychelles, complicating access. The exchange claimed it regularly cooperates globally to combat financial crime.
In South America, CONNECTAS, Vistazo, and El Espectador exposed the ADN Business School scheme in Ecuador and Colombia, involving a former actress and a church. It promoted quick earnings via forex, betting, and crypto, leading to $176 million in losses across 36 cryptocurrencies, traced to Binance wallets. Only $500 has been recovered due to delays and lack of institutional wallet details.
In Uruguay, Búsqueda detailed charges against former rugby player Gonzalo Campomar and Martín Cajal for a scheme promising 2% monthly returns on crypto investments. Campomar fled in October 2024 after complaints emerged; the total victims and stolen amount remain unclear, with some avoiding legal action over fund origins. Neither responded to comment requests.