Cryptocurrency exchanges, operating in a regulatory grey zone and powered by technologies that race far ahead of policy, have become the newest gateways and hubs for dirty money to cross borders. Indian agencies are now scrambling to keep pace. These findings emerge from The Coin Laundry, an investigation by The Indian Express in partnership with the International Consortium of Investigative Journalists (ICIJ).

Spanning 10 months and involving 113 reporters across 38 newsrooms, including The New York Times, Suddeutsche Zeitung, Le Monde and Malaysiakini, the project uncovers how crypto exchanges worldwide have spawned a shadow economy where illicit transactions flow with unprecedented ease. Over the last nine years, exchanges have faced at least $5.8 billion in fines, penalties and settle

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