Mexican Cartels Use Bitcoin to Buy Fentanyl Ingredients From China: U.S. Treasury Report

Published on June 25, 2024

Criminal groups in Mexico are using cryptocurrencies like Bitcoin to pay for ingredients used to manufacture fentanyl, revealed a recent report by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) bureau. Mexico-based transnational criminal organizations (TCOs) buy fentanyl precursor chemicals and manufacturing equipment mostly from companies in China (PRC), the June 20 report said. The criminal organizations use the items to synthesize fentanyl and other opioids in Mexico, then sell them in the United States. The Mexican groups are “increasingly purchasing” chemicals and equipment in “virtual currency, including bitcoin, ether, monero, and tether, among others,” the report stated. “Virtual currency payments are often sent to persons affiliated with PRC-based suppliers or secondary money transmitters with hosted wallets at virtual asset service providers.”...

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