FinCEN links $13 billion in crypto scams to overseas operations

FinCEN’s latest analysis reveals that transnational criminal organizations operating from compounds in Southeast Asia were responsible for about $13 billion in crypto‑related fraud targeting U.S. residents.

Scope of the investigation

The Treasury Department’s Financial Crimes Enforcement Network examined more than 33,000 suspicious activity reports filed between September 2023 and December 2025. The review identified $12.7 billion in transactions linked to overseas scam centers.

Types of scams identified

FinCEN categorized the fraud schemes as:

• “Pig‑butchering” romance scams
• Romance‑based confidence schemes
• Cryptocurrency confidence schemes promising high returns

Official response

Gene Lange, acting Under Secretary for Terrorism and Financial Intelligence, called digital‑asset investment scams “one of the most significant fraud threats facing Americans today.”

International legislative actions

Governments in the affected regions are moving to address the problem. Myanmar’s parliament approved legislation in July that could impose life imprisonment for operators who use violence, torture, or unlawful detention to coerce participants. Cambodia’s lawmakers proposed a similar bill in April, also including potential prison terms.