In a sweeping international operation, Europol, in collaboration with Spanish law enforcement and partners in Austria and Belgium, has dismantled a sprawling money laundering network accused of moving over $23 million in illicit funds—much of it through crypto. This shadowy operation, dubbed by Spanish media as a “mafia crypto bank,” catered to an underground clientele deeply entrenched in migrant smuggling and narcotics trafficking.
The operation, which culminated in January 2025 but was publicly revealed on May 14, marks one of the most aggressive crackdowns on crypto-enabled financial crime in Europe to date.
According to Europol, the network facilitated the laundering of more than €21 million (roughly $23.5 million) on behalf of criminal groups, primarily from China and the Middle East. These funds, investigators believe, originated from high-stakes crimes including smuggling rings and international drug cartels. In many cases, crypto was the medium of exchange and reward, providing anonymity and cross-border agility.
At the heart of the organization was an informal financial system known as hawala, a centuries-old money transfer mechanism often used in regions where formal banking is inaccessible or unreliable. While hawala itself isn’t inherently criminal, its opaque nature can be exploited—especially when layered with cryptocurrency. In this case, authorities say crypto served as both a tool for payment and a cloak for laundering proceeds.
The joint task force arrested 17 individuals across three countries—15 in Spain, one in Austria, and one in Belgium. Spanish officials have confirmed that 15 of those suspects are already behind bars, facing serious charges linked to organized crime and money laundering.
In the coordinated raids, authorities seized assets totaling €4.5 million (approximately $5 million), revealing the criminal organization’s taste for luxury and excess. Among the items confiscated were €421,000 ($471,000) in cash across 77 different bank accounts, €183,000 ($205,000) in cryptocurrency, and a jaw-dropping array of goods—18 high-end vehicles, four shotguns, a variety of electronic devices, and luxury accessories including designer handbags, watches, and even cigars worth nearly €876,000 ($980,000).
The operation mobilized more than 250 officers across Spain, Austria, and Belgium. Europol played a pivotal role, not only coordinating the cross-border efforts but also deploying cybercrime and financial crime specialists to trace crypto transactions and support digital forensic efforts.
Most of those arrested were of Chinese and Syrian origin, and their client base reportedly spanned Chinese nationals and Arabic-speaking crime syndicates. Spanish authorities believe the group even brazenly promoted their illegal remittance services on social media platforms, posing as legitimate operators to mask their true intentions.
The investigation was led by a Spanish court in Almería, which worked closely with Europol and Belgian prosecutors to build the case and execute the arrests. The crackdown is yet another reminder of the increasingly global and sophisticated nature of financial crime—and the role that crypto can play in both enabling and exposing it.
Despite the crackdown, experts warn that crypto-fueled crime remains a significant challenge. According to blockchain analytics firm Chainalysis, illicit transactions involving cryptocurrencies reached $51.3 billion in 2024, reflecting an 11.3% increase from the previous year. These figures underline how criminal networks continue to evolve in tandem with technological innovation.
As European authorities celebrate a major victory, they also acknowledge the road ahead. With crypto adoption rising worldwide, law enforcement agencies are under growing pressure to keep pace with criminals who are increasingly tech-savvy and decentralized.
Still, the takedown of this so-called “crypto mafia bank” is a strong signal: even in a borderless digital world, organized crime can still be tracked—and taken down.
