UK Unveils Billion-Dollar Crypto Laundering Network Linked to Sanctions

• The UK’s NCA led a global crackdown on a crypto laundering network tied to international crime and sanction evasion.
• The operation resulted in 128 arrests globally and the seizure of £25 million in cash and cryptocurrency.

On November 21, 2025, The Economic Times reported that the UK’s National Crime Agency (NCA) had uncovered a billion-dollar cryptocurrency laundering network in an international operation named “Operation Destabilise.” This network, linked to a sanctioned Ukrainian national’s organization and Keremet Bank in Kyrgyzstan, was found to facilitate money laundering for drug trafficking, cybercrime, and Russian sanction evasion. The operation led to 128 arrests worldwide and the seizure of over £25 million in cash and cryptocurrency within the UK.

The laundering network demonstrated an extensive international reach, operating in at least 28 cities and towns across the UK. Global law enforcement agencies cooperated to dismantle this operation, with arrests made in multiple countries, though the specific numbers of detainees per region were not disclosed. Authorities highlighted the intricate structure of the network, which utilized a variety of financial platforms for laundering activities.

The NCA investigation revealed a pivotal move in the network’s operations with the acquisition of a controlling share in Keremet Bank. On December 25, 2024, a business entity tied to George Rossi, identified as the head of the laundering operation, purchased a 75% stake in the bank. The NCA alleged that this acquisition facilitated cross-border payments to Promsvyazbank, a state-owned Russian bank allegedly supporting Russia’s military-industrial efforts. This arrangement reportedly created a significant loophole for circumventing international sanctions.

In parallel economic developments, Japan’s government approved a 21.3 trillion yen ($135 billion) stimulus package on Friday, which led to a notable devaluation of the yen. This depreciation has had a ripple effect on global financial markets, influencing Bitcoin trading strategies. Cryptocurrency traders are reassessing the use of the yen for low-interest borrowing and investment in higher-yield assets such as Bitcoin and altcoins.

Canada, meanwhile, has approved its 2025 federal budget, which outlines a robust regulatory framework for stablecoins. Under the new measures, stablecoin issuers in Canada must maintain sufficient reserves, demonstrate transparency in redemption policies, and apply sound risk management practices. The Bank of Canada will oversee these regulations, signaling a stronger approach to digital asset governance in the country.

As of November 21, 2025, at 15:08 UTC, Bitcoin (BTC) is trading at $84,525.61, reflecting a -6.66% change in the past 24 hours. CoinMarketCap reports Bitcoin’s 24-hour trading volume at $140.21 billion.