US crackdown targets $24 billion crypto black market as money launderers retreat

US authorities have moved against a crypto-linked black market estimated at $24 billion, in an enforcement action affecting Telegram channels, crypto wallets and related service providers. The US Department of Justice seized Telegram channels and two wallets, while the Office of Foreign Assets Control sanctioned Xinbi and the developers behind SafeW and XinbiPay. The measures place renewed scrutiny on infrastructure allegedly used to facilitate illicit crypto transactions and money laundering. The action also appears to have unsettled other operators in the sector, with rival money launderers reportedly seeking to distance themselves from the crackdown. The developments were reported by CryptoSlate. The enforcement action is relevant to market participants monitoring compliance, sanctions exposure and the operational risks facing crypto platforms and service providers.