January 29, 2026
By Our Corrrespondent
Money launderers are finding crypto increasingly useful—and Chinese-speaking networks are leading the charge.
Blockchain analysts estimate that criminals received at least $82bn in cryptocurrency in 2025, up from just $10bn five years earlier. A significant share of that growth, according to a new report by Chainalysis, a blockchain-research firm, comes from the rapid expansion of Chinese-language money-laundering networks, which have emerged as the fastest-growing segment of the trade.
These networks first appeared during the pandemic and have since professionalised. In 2025 they processed roughly $16.1bn in cryptocurrency through about 1,800 active wallets, an average of some $40m a day. Chainalysis cautions that the true figure is likely higher: tracing wallets is easier than identifying the people behind them.
The rise is striking given China’s official hostility to crypto. Digital tokens are neither recognised as legal tender nor permitted as tradable assets, and cryptocurrency trading remains banned. Even so, China’s top procurator said that 3,032 people were prosecuted in 2024 for crypto-related money laundering, suggesting enforcement has struggled to keep pace.
Regulators worldwide have long warned that digital assets can facilitate crime because they sit outside much of the traditional financial system. Yet experts note that crypto is hardly the only channel criminals use. Rather, it has joined a crowded toolkit that includes shell companies, cash couriers and trade-based laundering.
What distinguishes the Chinese-language networks is their infrastructure. Chainalysis highlights the role of so-called “guarantee platforms”—crypto-based escrow services that allow launderers to advertise, match with clients and settle transactions while minimising counterparty risk. These platforms, combined with specialist money-movement services, form what the firm describes as a “complex and resilient ecosystem” that continues to adapt despite enforcement efforts.
For regulators, the lesson is familiar but uncomfortable. Even on transparent blockchains, crime does not disappear; it reorganises—often faster than the authorities meant to stop it.
