The New York Times: $28 billion in "dirty money" has flowed into cryptocurrency trading platforms in the past two years, with Binance being one of the main recipients

The New York Times reported that over the past two years, as much as $28 billion in funds directly related to illegal activities has flowed into major cryptocurrency exchanges. This money comes from hackers, thieves, and extortionists, traceable to North Korean cybercriminals, as well as scam groups from Minnesota to Myanmar. Among them, the world's largest exchange, Binance, is one of the main recipients of "dirty money"—it reached a $2 billion business deal with a cryptocurrency company linked to the Trump family in May of this year.

At least eight other well-known exchanges have also received these funds, including the rapidly expanding OKX in the United States. The New York Times stated that its main findings include: Binance continued to receive over $400 million in deposits from Cambodia's Huione Group after pleading guilty in 2023— the U.S. Treasury has listed Huione as a key node in criminal activities. This year, $900 million from North Korean hackers has flowed into Binance's deposit accounts. OKX received over $220 million in deposits from Huione within five months after reaching a $504 million settlement with the U.S. government in February for violating the Money Transmission Act.

In 2024, global cryptocurrency exchanges received at least $4 billion in funds related to scams, with the stolen funds ultimately flowing to major exchanges like Binance, OKX, Bybit, and HTX. Last year, over $500 million flowed into Binance, OKX, and Bybit from "crypto-to-cash" counters. These counters allow users to exchange digital currencies for cash, many of which operate in physical storefronts, providing criminals with a convenient exit route.