Europol Dismantled a Mafia-linked Cryptocurrency Bank

European authorities have dismantled a vast money laundering network known as the “mafia crypto bank,” arresting 17 individuals accused of laundering over €21 million ($23.5 million) in cryptocurrency for criminal groups linked to China and the Middle East.

According to Europol’s statement on May 14, the network facilitated money laundering for organizations involved in migrant smuggling and drug trafficking.

The group operated a shadow banking system using the informal hawala method, often settling transactions in cryptocurrency to obscure the origins of funds.

Spanish law enforcement, leading the investigation, reported that the arrests occurred in January 2025 across Spain, Austria, and Belgium.

Fifteen suspects were apprehended in Spain, with one arrest in each of Austria and Belgium. Most of those arrested were of Chinese and Syrian descent, serving criminal clients in China and Arabic-speaking regions.