Europol Dismantles $23.5M Crypto Laundering Ring in ’Operation Casino’

Europol has dismantled a sophisticated crypto laundering network that processed at least €21 million ($23.5 million) in illicit funds across Europe, China, and the Middle East. The operation, codenamed ’Operation Casino,’ involved coordinated raids in six Spanish provinces and Antwerp, Belgium, resulting in 17 arrests.

Authorities describe the syndicate as a ’mafia-style crypto bank,’ utilizing Hawala-style informal value transfer systems to obscure transactions. Among those arrested were 15 Spanish nationals, along with individuals from Austria and Belgium, predominantly of Chinese and Syrian origin.

The crackdown highlights growing regulatory scrutiny of cryptocurrency’s role in cross-border financial crime. While no specific coins or exchanges were named in the operation, the case underscores the need for enhanced compliance measures across digital asset platforms.