United StatesCanadian intelligence authorities have raised concerns about crypto-to-cash services enabling money laundering and transnational organized crime, according to a classified memo reviewed by the International Consortium of Investigative Journalists (ICIJ). The report highlights that these services, which allow users to convert cryptocurrency into large sums of physical cash with minimal verification, are being heavily exploited for illegal activities. The memo, dated March 2026, was obtained by ICIJ partner The Toronto Star through a public records request and outlines how these platforms bypass traditional financial safeguards. Experts like Garry Clement, former head of Canada’s proceeds of crime program, note that such services cater to professional money launderers involved in drug trafficking, human smuggling, and cybercrime. ICIJ’s previous investigations, including the 'Coin Laundry' project, revealed the scale of this issue globally, with undercover tests showing how easily individuals can convert crypto to cash without proper identification.
Bias read (Center): The article presents a balanced account of the issue, citing both official intelligence assessments and expert opinions without overtly favoring any particular political stance. It reports on the findings of Canadian authorities and includes quotes from a former law enforcement official, but does so
