The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has warned financial firms about Mexican drug cartels using cryptocurrencies to purchase fentanyl ingredients. The advisory highlights the increasing use of bitcoin (BTC), ether (ETH), monero (XMR), and tether (USDT) by cartels to buy precursor chemicals from Chinese suppliers. These transactions often involve the use of hosted wallets at crypto firms, sometimes through secondary money transmitters. This pattern reflects concerns that have emerged in previous criminal and sanctions cases involving the illegal production and distribution of fentanyl. The advisory updates a 2019 FinCEN alert and highlights the ongoing threat posed by the use of crypto in the illicit drug trade, especially considering the rising number of fentanyl-related overdoses in the U.S.
Mexican Cartels Use Crypto to Buy Fentanyl Ingredients: U.S. Treasury Warns
Summary:
Mexican cartels are using cryptocurrencies, including bitcoin (BTC), ether (ETH), monero (XMR), and tether (USDT), to purchase fentanyl ingredients.
The cartels are buying precursor chemicals from Chinese suppliers and making payments through hosted wallets at crypto firms.
The U.S. Treasury Department's FinCEN issued an updated advisory to U.S. financial firms to warn them about this illicit use of crypto.
The use of crypto in fentanyl trafficking highlights the growing threat of the drug trade in the digital age.
The advisory reflects the concerns that have emerged in previous criminal and sanctions cases involving fentanyl production and distribution.
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