FinCEN ties $13B in crypto scams to non-US operations
The agency reported that “transnational criminal organizations” based in compounds in Southeast Asia were largely behind digital asset scams targeting US residents.
The Financial Crimes Enforcement Network (FinCEN) has identified $13 billion in crypto scams targeting US residents, with transnational criminal organizations in Southeast Asia largely responsible. The analysis, spanning reports filed from September 2023 to December 2025, revealed digital asset-based scams including pig butchering, romance scams, and cryptocurrency confidence schemes.
Gene Lange, serving as Under Secretary for Terrorism and Financial Intelligence, stated that digital asset investment scams pose a significant fraud threat to Americans. Lawmakers in affected countries, such as Myanmar and Cambodia, are working to combat the "scam centers" with proposed legislation that could include severe penalties.
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