Illegal Brazilian betting platforms use cryptoassets to move funds outside licensed controls

Illegal betting platforms in Brazil use cryptoassets to receive funds, pay users and transfer money abroad, reportedly bypassing controls required of licensed operators. Licensed operators are prohibited from using digital assets and must identify customers, monitor transactions and report suspicious activity to Coaf. Chainalysis reported that illicit wallets received at least US$145.9 billion in cryptoassets in 2025, up 155% from the previous year.