In a significant operation, Europol, in collaboration with Spain’s National Police, has successfully dismantled a transcontinental crypto laundering syndicate that facilitated the laundering of at least €21 million (approximately $23.5 million) of illicit funds across Europe, China, and the Middle East.

On May 13, 2025, simultaneous raids took place across six provinces in Spain and in Antwerp, Belgium. The operation, classified as Operation Casino, resulted in the arrest of 17 individuals and the seizure of assets, described by authorities as a mafia-style crypto bank.

A statement from Europol released on May 14, 2025, indicated that among the arrested individuals, 15 are from Spain, with one each from Austria and Belgium. Most of the suspects are of Chinese and Syrian descent.

Europol helps dismantle $23M ‘mafia crypto bank’
Europol and Spanish law enforcement broke a money laundering network that handled over $23 million for migrant smugglers and drug traffickers.
(via Twitter)

Authorities reported that 15 of those arrested have already been imprisoned. The operation is the result of previous investigations into migrant smuggling and drug trafficking operations utilizing the group’s illegal financial services.

The syndicate operated similarly to a Hawala system, enabling clients to bypass standard banking systems. The network was divided into two branches to serve Arabic-speaking and Chinese-speaking clients, facilitating crypto-for-cash exchanges for criminal entities.

Authorities have confiscated significant assets including €183,000 in crypto (approx. $205,000), €206,000 in cash (approx. $230,700), and €421,000 across 77 bank accounts (approx. $471,500). They also shut down over 10 real estate properties valued over €2.5 million (approx. $2.8 million).

Additionally, other items seized included 18 vehicles, 4 shotguns, and numerous encrypted electronic devices, as well as luxury items like cigars valued at over €622,000 (approx. $696,600). The group controversially promoted their banking structure on social media as a legitimate remittance provider.

Lastly, authorities scrutinized 32 money transfers conducted by the group in the last three months, totaling over €5.5 million. A central crypto wallet allegedly managed over €21 million (approx. $23.5 million) from 2022 through late 2023.

Key Takeaways

• Europol dismantled a transcontinental crypto laundering syndicate that laundered at least €21 million of illegal funds across Europe, China, and the Middle East.
• Authorities have arrested 17 individuals, predominantly of Chinese and Syrian nationalities.
• This operation is noted as one of the most sophisticated instances of money laundering in the EU so far.