US and UK authorities are expanding a coordinated crackdown on transnational crypto scam networks accused of draining billions of dollars from victims worldwide. The new alliance brings together US prosecutors, Britain’s Crown Prosecution Service and the National Crime Agency to share intelligence, coordinate investigations and decide which jurisdiction should prosecute cases. The effort builds on the US Scam Center Strike Force, created in November 2025 to target organized scam networks, and includes a planned private-sector disruption operation in London in October.
The Financial Crimes Enforcement Network, or FinCEN, has identified approximately $12.7 billion in financial activity reported by US institutions as linked to suspected digital-asset investment scams. The figure comes from 33,904 reports filed under the Bank Secrecy Act between September 8, 2023 and December 31, 2025. Money services businesses heavily reliant on the digital asset industry and depository institutions accounted for as much as 96% of all reports. FinCEN cautioned that the total does not represent confirmed victim losses, because it may include attempted transactions, multiple reporting, transfers in both directions and amendments to earlier filings.
The alert describes an outsourced criminal system in which fraud networks use “guarantee marketplaces” for services such as account creation, phishing and money laundering. Criminals set up shell companies and mule accounts, and they move funds through stablecoins to exchanges outside the United States. FinCEN is urging banks and crypto companies to watch for scam warning signs and share information under Section 314(b) of the USA PATRIOT Act. Gene Lange, performing the duties of Under Secretary for Terrorism and Financial Intelligence, said digital asset investment scams “exploit both emerging technologies and human vulnerabilities.”
The broader picture is even larger. UNODC estimated scam losses across East Asia, Southeast Asia, Australia and New Zealand at between $88.3 billion and $114.1 billion in 2025. A FATF report cited by FinCEN said stablecoins accounted for 84% of illegal virtual asset transactions in 2025. The compliance squeeze is now increasing pressure on exchanges and stablecoin issuers to strengthen transaction surveillance and cross-border information sharing without disrupting legitimate crypto activity.
