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Home»ALTCOIN NEWS»Mexican drug cartels use Bitcoin, Ethereum, Monero and USDT to acquire key fentanyl ingredient: U.S. regulators
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Mexican drug cartels use Bitcoin, Ethereum, Monero and USDT to acquire key fentanyl ingredient: U.S. regulators

By Crypto FlexsJune 21, 20242 Mins Read
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Mexican drug cartels use Bitcoin, Ethereum, Monero and USDT to acquire key fentanyl ingredient: U.S. regulators
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Mexican drug cartels used Bitcoin (BTC), Ethereum (ETH) and other major cryptocurrency assets to buy key ingredients to make the deadly synthetic opioid fentanyl, according to a new report from U.S. regulators.

The Financial Crimes Enforcement Network (FinCEN) said the cartels use cryptocurrency and a variety of other methods to purchase fentanyl precursor chemicals, pill presses, molds and other manufacturing equipment from Chinese companies.

FinCEN is an agency within the U.S. Treasury that cracks down on money laundering and terrorist financing.

In addition to BTC and ETH, the cartel is also known to trade cryptocurrency assets such as USDT, the leading stablecoin, and Monero (XMR), a privacy coin.

FinCEN said drug smuggling organizations would send cryptocurrency to secondary senders using wallets hosted by people linked to Chinese suppliers or virtual asset service providers.

But it’s not just cryptocurrencies. U.S. regulators have noted that cartels rely on banks, financial services businesses (MSBs) and online payment processors to obtain fentanyl production materials.

FinCEN said many of these transactions are settled in dollars through U.S. correspondent banks, domestic online payment processors, and U.S. MSB agents in Mexico and China.

Drug cartels also use front companies designed to look like legitimate Chinese exporters and Mexican importers, according to regulators.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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