Cryptocurrency firms and exchanges are increasingly moving into Wall Street territory, launching more traditional investment offerings and showcasing the increasing connection between crypto and traditional finance (TradFi).

“There’s a growing synergy between traditional financial investments and the emerging crypto space,” according to Gracy Chen, the CEO of Bitget, the world’s sixth-largest crypto exchange.

“Crypto players are now checking out traditional finance as they see the opportunity to bridge it,” Chen told Cointelegraph.

“The lines are blurring — investors want flexibility, and products that can straddle both worlds are naturally attractive,” Chen said. “Some players see TradFi as a safety net; others, like Bitget, see it as a launchpad for broader adoption.” She added:

“In a volatile market, integration is smarter than isolation.”

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Chen’s comments come a week after crypto exchange Kraken launched access to 11,000 US-listed stocks and exchange-traded funds (ETFs) as the first part of a global expansion into TradFi offerings, Cointelegraph reported on April 14.

Kraken’s expansion into traditional stock offerings was announced a week after the S&P 500’s record-breaking two-day loss of over $5 trillion, triggered by US President Donald Trump’s reciprocal import tariffs announcement on April 2.

Coinbase CEO Brian Armstrong echoed a similar vision. During the company’s latest earnings call, Armstrong said Coinbase aims to help modernize the global financial system and bring more of the world’s GDP onto crypto rails.

“We think that’s a more efficient, fair, free world that will accelerate progress, and it creates economic freedom,” he said during Coinbase’s latest earnings call.

Related: 70% chance of crypto bottoming before June amid trade fears: Nansen

Crypto and TradFi relationship is “inherently symbiotic” 

The relationship between “digital assets and more traditional assets is inherently symbiotic,” a spokesperson for Coinbase, the world’s third-largest crypto exchange, told Cointelegraph, adding:

“Core to our mission to enable economic freedom by onboarding one billion users to crypto, is supporting more of ‘traditional finance’ to be integrated with crypto.”

“As regulatory clarity and institutional adoption increase globally, we expect more of the global GDP to be running on crypto rails,” the spokesperson added.

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Blockchain technology brings “speed and transparency” while TradFi introduces “trust, scale and compliance,” in an “inevitable convergence,” Omri Hanover, general manager at Gems Trade cryptocurrency platform, told Cointelegraph.

“Together, TradFi and crypto unlock new pathways for both retail and institutional investors, especially those seeking exposure to digital assets without navigating the full complexity of native crypto products,” he explained.

Traditional investment platforms such as eToro and Robinhood have also launched cryptocurrency offerings.

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Organized crime groups across Southeast Asia have scaled their operations by exploiting cryptocurrency — launching their own coins, exchanges and blockchain networks to launder billions of dollars, according to a new report from the United Nations Office on Drugs and Crime (UNODC).

The report states that criminal syndicates are no longer just using existing crypto infrastructure. Instead, they are actively building tailored financial ecosystems to evade detection.

One example cited in the report is the Chinese-language ecosystem and marketplace known as Huione Guarantee, now rebranded as Haowang, which processed more than $24 billion in crypto linked to fraud over the past four years.

Value of crypto funds received by Huione Guarantee continues to rise. Source: UNODC

Headquartered in Phnom Penh, Cambodia, the platform has grown to more than 970,000 users and thousands of interconnected vendors.

“Concerningly, Huione has recently launched a range of its own cryptocurrency-related products including a cryptocurrency exchange and trading application, online gambling platform, blockchain network, and US Dollar-backed stablecoin designed to circumvent government controls,” the report stated.

Related: CFTC partners up to warn on crypto pig butchering scams

Southeast Asia emerges as crypto crime hub

The UNODC warned that scam centers in Myanmar, Cambodia, and Laos have industrialized cybercrime, combining blockchain, artificial intelligence and stablecoins to fuel operations.

These centers run complex fraud schemes, including phishing, investment scams, and “pig butchering,” generating tens of billions annually, per the report. 

Some of the largest pig butchering syndicates are reportedly clustered around Cambodia, Myanmar and the Philippines, according to Cointelegraph Magazine.

Over the past year, several raids have led to the arrest of hundreds of people, including Chinese, Filipino, Indonesian, Malaysian, Thai and Vietnamese nationals found at suspected cyber-enabled fraud operations.

In October 2024, Hong Kong police busted an alleged scam center and arrested 27 people they accused of using AI deepfakes to carry out a crypto romance investment scam that defrauded victims of more than $46 million.

Likewise, in December 2024, Nigeria’s anti-corruption agency arrested 792 people in a raid on a building in the country’s largest city that it claimed was a hub for a massive crypto romance scam operation.

Locations of reported scam centers in Mekong. Source: UNODC

Related: Coinbase users hit by $46M in suspected phishing scams

Custom stablecoins and exchanges evade oversight

The UN report highlights that syndicates are issuing their own stablecoins and creating private exchanges to bypass global financial regulations, which allows criminals to move funds seamlessly across borders without relying on mainstream platforms subject to Anti-Money Laundering controls.

Huione Guarantee, for instance, has launched a suite of crypto-related products, which also includes a cryptocurrency exchange, a blockchain network (Xone Chain) and an online gambling platform. The group also announced its launch of the Huione Visa card in February 2025.

While Southeast Asia remains the epicenter, the UNODC noted that these crypto-fueled operations are expanding into Africa, South America and the Pacific.

“The growing global impact of expanding Asian money laundering and underground banking networks cannot be understated,” the report stated, urging governments to close loopholes.

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Organized crime groups across Southeast Asia have scaled their operations by exploiting cryptocurrency — launching their own coins, exchanges and blockchain networks to launder billions of dollars, according to a new report from the United Nations Office on Drugs and Crime (UNODC).

The report states that criminal syndicates are no longer just using existing crypto infrastructure. Instead, they are actively building tailored financial ecosystems to evade detection.

One example cited in the report is the Chinese-language ecosystem and marketplace known as Huione Guarantee, now rebranded as Haowang, which processed more than $24 billion in crypto linked to fraud over the past four years.

Value of crypto funds received by Huione Guarantee continues to rise. Source: UNODC

Headquartered in Phnom Penh, Cambodia, the platform has grown to more than 970,000 users and thousands of interconnected vendors.

“Concerningly, Huione has recently launched a range of its own cryptocurrency-related products including a cryptocurrency exchange and trading application, online gambling platform, blockchain network, and US Dollar-backed stablecoin designed to circumvent government controls,” the report stated.

Related: CFTC partners up to warn on crypto pig butchering scams

Southeast Asia emerges as crypto crime hub

The UNODC warned that scam centers in Myanmar, Cambodia, and Laos have industrialized cybercrime, combining blockchain, artificial intelligence and stablecoins to fuel operations.

These centers run complex fraud schemes, including phishing, investment scams, and “pig butchering,” generating tens of billions annually, per the report. 

Some of the largest pig butchering syndicates are reportedly clustered around Cambodia, Myanmar and the Philippines, according to Cointelegraph Magazine.

Over the past year, several raids have led to the arrest of hundreds of people, including Chinese, Filipino, Indonesian, Malaysian, Thai and Vietnamese nationals found at suspected cyber-enabled fraud operations.

In October 2024, Hong Kong police busted an alleged scam center and arrested 27 people they accused of using AI deepfakes to carry out a crypto romance investment scam that defrauded victims of more than $46 million.

Likewise, in December 2024, Nigeria’s anti-corruption agency arrested 792 people in a raid on a building in the country’s largest city that it claimed was a hub for a massive crypto romance scam operation.

Locations of reported scam centers in Mekong. Source: UNODC

Related: Coinbase users hit by $46M in suspected phishing scams

Custom stablecoins and exchanges evade oversight

The UN report highlights that syndicates are issuing their own stablecoins and creating private exchanges to bypass global financial regulations, which allows criminals to move funds seamlessly across borders without relying on mainstream platforms subject to Anti-Money Laundering controls.

Huione Guarantee, for instance, has launched a suite of crypto-related products, which also includes a cryptocurrency exchange, a blockchain network (Xone Chain) and an online gambling platform. The group also announced its launch of the Huione Visa card in February 2025.

While Southeast Asia remains the epicenter, the UNODC noted that these crypto-fueled operations are expanding into Africa, South America and the Pacific.

“The growing global impact of expanding Asian money laundering and underground banking networks cannot be understated,” the report stated, urging governments to close loopholes.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

A Solana address with over 1 million tokens is sitting on more than $153 million in profit after a four-year staking play on the crypto asset. 

Blockchain analytics firm Lookonchain flagged the wallet address of a whale that staked nearly 1 million Solana (SOL) tokens in 2021. At the time of the staking, Solana tokens were worth around $27, which means the trader spent about $27 million to execute the play. 

Four years later, the whale’s total staked Solana holdings have reached 1.29 million. With Solana appreciating to about $140, the whale’s holdings have increased in value to about $180 million. 

On April 22, the whale started offloading a portion of the token stash to cash out on the gains. Lookonchain reported that the whale had unstaked 100,000 SOL tokens (about $14 million) and sent them to Binance. Sending tokens to crypto exchanges often indicates an intent to sell. 

Lookonchain said the whale still has 1.19 million Solana, worth around $166 million. Since the trader spent $27 million on the play, the total unrealized profit for the address is about $153 million. 

Source: Lookonchain

Solana whales turn $37 million to $200 million in four-year play

The Solana whale’s unstaking and token offloading follow another Solana staking play that involved hundreds of millions earlier in April. 

On April 4, Arkham Intelligence data showed four wallets that staked $37 million in tokens in 2021 had their tokens unlocked, meaning they can unstake and sell them. The blockchain intelligence platform called the event “the largest single-day unlock of staked SOL.”

During the unlock, the tokens were worth over $206 million. After the tokens were unlocked, about $50 million in tokens were sold. 

Related: Babylon total value locked drops 32% as wallets unstake $1.2B in Bitcoin

Solana briefly flips Ethereum in staking market cap

As many whales have turned to Solana for staking plays, the network briefly flipped Ethereum in the staking market cap. On April 20, the blockchain overtook Ethereum in staked token value after reaching over $53 billion. Still, the event was short-lived as Ethereum recovered the top spot. 

While the event may seem bullish, community members were split on whether Solana overtaking Ethereum was bullish or bearish for the network. 

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