FinCEN ties $13B in crypto scams to non-US operations
Written by Turner Wrightstaff writerReviewed by Sam Bourgistaff writerThe agency reported that “transnational criminal organizations” based in compounds in Southeast Asia were largely behind digital asset scams targeting US residents.
An analysis from the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identified $12.7 billion in crypto transactions “perpetrated by overseas scam centers.”
According to a FinCEN report released on Thursday, an analysis of more than 33,000 reports filed between September 2023 and December 2025 of suspected crypto scams revealed about $13 billion in financial transactions. The digital asset-based scams included instances of pig butchering, romance scams and “cryptocurrency confidence schemes,” in which a victim is manipulated into investing in crypto with false promises of large returns.
“Digital asset investment scams pose one of the most significant fraud threats facing Americans today,” said Gene Lange, performing the duties of Under Secretary for Terrorism and Financial Intelligence.
FinCEN reported that the scams were largely the actions of “transnational criminal organizations” based in compounds in Southeast Asia.
Lawmakers in some of the affected countries have been attempting to crack down on the “scam centers.” Myanmar’s Parliament approved legislation in July that could impose up to life in prison for operators who used violence, torture, and unlawful arrest or detention to force people into participating, while lawmakers in Cambodia proposed a similar law in April, which included possible prison time.
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