US banks facilitated $312 billion in money laundering for Chinese criminals from 2020 to 2024, as per FinCEN. Chinese gangs collaborate with Mexican cartels for drug money laundering, human trafficking, healthcare fraud, and real estate schemes. Despite this, Sen. Warren blames crypto for money laundering, even though traditional methods far surpass crypto in illicit activity.

Global money laundering exceeds $2 trillion annually, with crypto accounting for a fraction at $189 billion over five years. TRM Labs notes that illicit crypto activity is less than 1% of total volume. FinCEN’s report highlights underground banking networks as a shadow financial system for organized crime globally, operating alongside traditional banks.

Read more at Cointelegraph: Chinese Gangs Moved $312B Through US Banks Over Five Years