Qtum (QTUM), a hybrid blockchain cryptocurrency popularly used in Asia, has been implicated—alongside other coins—in substantial money laundering schemes centered in Singapore and China. These operations mainly exploit over-the-counter (OTC) desks to convert illicit fiat funds into crypto, with Qtum facilitating anonymous and layered transactions that obscure the origins of laundering activities. In Singapore, law enforcement investigations uncovered networks linked to Chinese criminal syndicates that laundered billions through OTC desks, with Qtum being part of the mix of cryptocurrencies used. This illicit flow involved sophisticated cross-border transfers, wallet mixing, and integration into luxury assets. Singapore’s regulators responded with historic fines against financial institutions for AML lapses and implemented tough new AML frameworks targeting crypto services. Concurrently, China has cracked down on unlicensed OTC traders facilitating such conversions, reflecting a coordinated effort in the region to curb Qtum’s misuse in these illicit fiat-to-crypto laundering schemes. Despite the crypto’s technical benefits, it has thus become a notable tool in Asia’s evolving money laundering landscape, particularly involving Singapore and China frameworks.
From 2023 to 2025, extensive law enforcement investigations in Singapore and China uncovered large-scale money laundering operations involving cryptocurrencies including Qtum. The laundering primarily took place through Asia-based OTC desks that facilitated the conversion of illicit fiat money into cryptocurrencies, circumventing regulatory oversight. These desks were hubs for criminal syndicates to move billions in proceeds from fraud, scams, and other illicit activities. The Singapore Monetary Authority and Commercial Affairs Department responded with a historic crackdown, resulting in multi-million-dollar fines for financial institutions and arrests of individuals linked to the laundering networks. Parallel enforcement actions in China targeted OTC traders and unlicensed money services, aligning with China’s broader crypto crackdown. Transaction analyses showed sophisticated layering and cross-border movements utilizing Qtum among other crypto assets. While not all cases singled out Qtum exclusively, it was part of the coin mix exploited by illicit actors in Singapore and China for money laundering purposes. The crackdown marks a significant step in Asia’s tightening AML controls over cryptocurrencies.
