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Crypto giants moved billions in illegal funds despite crackdown

Regulators and law enforcement have tried to push crypto exchanges to implement anti-money laundering safeguards

Summarise
    • Exchanges are important in the crypto financial system because they allow customers to set up accounts, store funds, and make payments – analogous to traditional banks.
    • Exchanges are important in the crypto financial system because they allow customers to set up accounts, store funds, and make payments – analogous to traditional banks. PHOTO: BLOOMBERG
    Published Tue, Nov 18, 2025 · 10:49 AM

    WHEN US President Donald Trump pardoned Zhao Changpeng in October, the White House press secretary painted the founder of the world’s largest cryptocurrency exchange as the victim of a political witch hunt.

    “The Biden administration’s war on crypto is over,” declared Karoline Leavitt.

    Zhao and his company, Binance, had both pleaded guilty in November 2023 to operating without basic safeguards to prevent money laundering. Authorities alleged that the company authorised transactions bound for “terrorists, cybercriminals, and child abusers”.

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    crypto exchangeMoney launderingCryptocurrenciesBinancedigital assetsTech In AsiaTech in Asia

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