Story perspectives

Investigation Reveals Binance, OKX's Role in $634M Crypto Crime

11/18/2025

Center

ICIJ Uncovers Crypto Crimes

The International Consortium of Investigative Journalists (ICIJ) unveiled its investigation, "The Coin Laundry," showing Binance and OKX facilitated illicit fund movements.
From July 2024 to July 2025, $408 million flowed from Huione Group into Binance accounts.
During a similar period, at least $226 million was traced to OKX.
The findings note the rise of unregulated crypto-to-cash services that enable anonymous transactions and hinder efforts to curb crypto crime.

Right

Zhao Seeks Settlement

Changpeng Zhao, founder of Binance, faces debate over reclaiming part of a $4.3 billion U.S. settlement.
Zhao said on X that any refunded money would be invested in the United States, though he has not filed a formal request.
The International Consortium of Investigative Journalists found that criminal proceeds continued to flow through Binance despite pledges.
OKX also received large sums from questionable sources, per the inquiry.

History

Historical Context

The Bank Secrecy Act (BSA) was enacted in 1970 to combat money laundering by requiring U.S. financial institutions to report suspicious activities and maintain records of transactions over $10,000. Despite these measures, illicit fund movements continue, exemplified by Binance and OKX facilitating $634 million in questionable transactions, highlighting ongoing challenges in regulating the rapidly evolving cryptocurrency sector.

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ICIJ Uncovers Crypto Crimes

The International Consortium of Investigative Journalists (ICIJ) unveiled its investigation, "The Coin Laundry," showing Binance and OKX facilitated illicit fund movements.
From July 2024 to July 2025, $408 million flowed from Huione Group into Binance accounts.
During a similar period, at least $226 million was traced to OKX.
The findings note the rise of unregulated crypto-to-cash services that enable anonymous transactions and hinder efforts to curb crypto crime.

1 / 3