US Banks: Laundering Billions, Crypto Faces Scrutiny

New reports reveal a staggering $312 billion in illicit funds funneled through US banking systems by Chinese criminal networks between 2020 and 2024. These funds are linked to money laundering schemes ranging from drug trafficking to real estate deals worth billions of dollars. While cryptocurrencies face increasing scrutiny, this financial activity stems from traditional banking systems that continue to serve as a haven for organized crime. Analysis reveals that illicit crypto transactions constitute less than 1% of total activity, highlighting the disproportionate focus on digital assets.