In a recent operation, Europol, the Agency for the Application of the European Union Law, dismantled a transcontinental cryptography washing union that washed at least € 21 million ($ 23.5 million) or illegal funds in Europe, China and the Middle East.
On May 13, 2025, the National Police of Spain carried out simultaneous raids in cooperation with Europol and Eurojust in six Spanish provinces and a place in Antwerp, Belgium. The operation, called “Operation Casino”, led to the judgment of 17 individuals and the seizure of assets in what the authorities describe as a “cryptographic bank in the style of the mafia.”
A statement issued on May 14, 2025 revealed that 15 of the arrested individuals come from Spain, one from Austria and another from Belgium. The arrested people are mainly of Chinese and Syrian nationalities.
Europol helps dismantle $ 23 million ‘mafia Crypto Bank’
The Europol and Spanish Police broke a money laundering network that managed more than $ 23 million for migrant and drug traffickers.
(Through https://t.co/9nx1pos02c)The European Police in January arrested 17 suspects … pic.twitter.com/2ynbqgaou0
– Mike Alderson FRSA (@opaneleecomms) May 15, 2025
The authorities confirmed that of the sentence of 17 made, 15 have already imprisoned in the legs. In addition, the operation follows the previous investigations on migrants smuggling and drug trafficking rings that depended on the group’s illegal financial services of the group.
The group worked in the same way as a Hawala network, which allows its customers to avoid formal bank channels.
In addition, the authorities revealed that the group operated two central branches to Arabic and Chinese -speaking clients and described the network as “one of the most significant in this crime. AREA-CASH-CASH-CASHYTO-FTO-FTO-FTO-FTO-FTO-FTO-FTO-FORD-VORPTO-VORPTO-VORPTO-FOR-VORPTO-VORPTO-FOR-VORPTO-FORED-VORED-VORED-VORED-FORED-Vored-Vored-Vored-Vored-Vored-Voraed-Voraed Voraced VERADO
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Group announced on social networks as suppliers of legitimate remittances
The Arab faction of the cryptography washing operation was responsible for handling international transfers to Spain, while the Chinese faction, based in Almería and Madrid, compiled cash to manage operations.
Then, the group transferred the cash collected AH, a complex network of cryptographic transactions to avoid traditional banking systems. To facilitate transport to Spain, they hid the cash in modified vehicles designed with hidden compartments that the authorities like drug trafficking techniques.
In addition, the authorities explained that both factions obtained cryptography commissions, which made it difficult to trace the profits and discover the real scale of the group’s washing activities.
The authorities have seized € 183,000 in cryptographic (approximately $ 205,000), € 206,000 in cash (approximately $ 230,700) and € 421000 in 77 bank accounts (approximately $ 47100). In addition to this, the authorities have also closed more than 10 real estate properties worth more than € 2.5 million (approximately $ 2.8 million).
Other confiscated assets include 18 vehicles, 4 shotguns and numerous encrypted electronic devices. Without luxury items as cigarettes valued in more than € 622,000 (approximately $ 696,600), bags that exceed € 230,000 (approximately $ 257,600) and watches and high -end wines.
The interesting thing is that the group announced its parallel banking structure on social networks under the appearance of a legitimate remittance provider.
The authorities have noticed 32 money transfers that the group made in the last three months, valued at more than € 5.5 million. According to reports, a singular cryptographic wallet acted as a transfer center and handled more than 21 million euros ($ 23.5 million) from 2022 to the end of 2023.
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The growing problem of crypto washing in Europe
Spain, in recent years, has witnessed several cases of high profile fraud, malplition of seized digital assets and cryptographic washing of the Drug Cybercrime and Trafficking Finals.
This latest investigation is part of a broader offensive against crime related to cryptography by European agencies and follows other similar cases, such as Marbella’s scandal earlier this month, where an employee of the Alegre Alegre Court. In addition, the European authorities also raided Exch, an old cryptography exchange that operated without requiring the verifications of their client (KYC) and was involved in the washing of illicit funds.
Although the Spanish authorities have not revealed the names of the arrested people, they emphasized that the sophistication and scope of the group’s network make it one of the most advanced money laundering operations found in Europe to date.
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Key control
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Europol dismantled a Cryptographic Wash Transcontinental Union that washed at least € 21 million illegal funds in Europe, China and the Middle East
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The authorities have arrested 17 people, predominantly from Chinese and Syrian nationalities
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The authorities have emphasized the encryption washing operation as the most sophisticated instance of money laundering in the EU to date
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