The on-ramp no one monitors
FinTrace’s research team identified hundreds of active cash-for-crypto services across multiple continents. Hong Kong alone processed over $2.5B in cash conversions in 2024. Of identified service activity, 33% involves unlicensed exchanges, and 97% of funds flow on to major international exchanges as ordinary deposits.
The dominant rail where crypto is restricted
Analysis of 57,829 peer-to-peer advertisements across ten emerging markets shows mobile wallets dominate crypto settlement where it is banned or restricted, from 83% in Bangladesh to 65% in Egypt. These transactions are invisible to mobile operators and domestic regulators alike.
$1.18B traced, 67.7% with no real KYC
FinTrace identified almost 100 crypto-funded payment card providers with over $1.18B in traced on-chain flows linked to card-funding wallets. Inbound volume rose 66% year-over-year, and 67.7% of providers offer no KYC or only low-friction identity verification.