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FinCEN links $12.7 billion in transactions to crypto scammers at Asian scam centers
The U.S. Financial Crimes Enforcement Network (FinCEN) has linked roughly $12.7 billion in suspicious financial activity to crypto investment schemes operated from scam centers primarily in Southeast Asia. From September 2023 through December 2025, financial institutions submitted nearly 34,000 suspicious activity reports to the regulator.
FinCEN analyzed 33,904 such reports filed by approximately 1,300 institutions. Money services businesses, primarily crypto companies, accounted for 55% of the reports and $5.5 billion in suspicious activity.
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Banks filed 41% of the reports but recorded the largest amount, at $6.4 billion. Another $784.5 million was reported by securities firms.
Suspicious activity grew rapidly
The number of reports linked to scam centers increased by an average of 10.9% per month, while the total amount reported rose by 18% monthly. In October 2023, institutions reported 590 cases worth $485.7 million, compared with 2,482 reports totaling $833.5 million in December 2025.
FinCEN cautioned that the increase may partly reflect improved detection of such transactions following the agency's previous alert. The overall amount may also include duplicate reporting of certain transfers, attempted transactions and filing errors.
The schemes involved at least 22 digital assets, most commonly Ethereum, USDT and USDC. Regardless of which cryptocurrency victims initially purchased, however, scammers almost always converted the proceeds into stablecoins.
USDT was the primary asset. After conversion, funds were routed through DeFi protocols or cryptocurrency exchanges outside the U.S. Some addresses were used to collect funds from multiple victims simultaneously, helping financial firms identify related transactions.
Victims were found in all 50 states
Cases involving older adults accounted for about 25% of reports. Since people aged 60 and over represent roughly 24.4% of the U.S. population, FinCEN concluded that this age group was not disproportionately targeted by such schemes.
Victims were identified in all 50 states. To invest in fraudulent schemes, people used retirement savings, home equity lines of credit, second mortgages and personal loans. In one case, a woman transferred nearly $640,000 from her retirement fund; in another, a victim lost more than $1 million over six months.
Most of the scam centers examined by FinCEN are located in Cambodia, Laos and Myanmar. According to UN estimates, hundreds of thousands of people work in such compounds, many of whom are themselves victims of human trafficking after being recruited through fraudulent job offers.
Meanwhile, FinCEN and U.S. banking regulators clarified confidentiality rules for suspicious activity reports. The agencies said the requirements do not prevent banks from communicating with customers in a timely manner while investigating potential fraud or closing accounts.
Earlier, we reported that FinCEN highlighted seven investigations based on Bank Secrecy Act (BSA) data as part of its law enforcement awards program. The agency noted the use of financial intelligence to identify and investigate various criminal schemes.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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