A recent investigation by the International Consortium of Investigative Journalists (ICIJ) traced large volumes of “dirty money” — including funds linked to illicit activity — flowing through major crypto exchanges.

Meanwhile, nations worldwide continue to diverge in how they approach crypto regulation. As of now, crypto is legal in about 45 countries, partially banned in 20, and generally banned in around 10 — highlighting the uncertain regulatory climate.

Some jurisdictions are pushing for tighter oversight. For example, a recent bill in another region would require digital-asset platforms to obtain traditional financial-services licenses, signaling a broader push to treat crypto more like conventional finance.