US Charges Chinese Companies and Individuals for Crypto-Fentanyl Sales

The US Department of Justice has taken action against two Chinese pharmaceutical companies and six individuals for allegedly using cryptocurrency to sell fentanyl-related chemicals to the Gulf Cartel in Mexico.

According to an official release, the companies pretended to be normal pharmaceutical businesses while selling chemicals that can be turned into fentanyl. The Mexican cartel reportedly paid for these chemicals using cryptocurrency, which was sent to digital wallets controlled by the six suspects.

The funds were then transferred to agents, who converted the cryptocurrency into traditional money through international banks to hide the origin of illegal funds. Authorities said a Binance account containing $26,000 in cryptocurrency may be forfeited if the defendants are convicted.