The post Are Criminals Really Switching From Crypto to Gold for Money Laundering? appeared on BitcoinEthereumNews.com.

In brief UK gangs are using gold coins, bars, and grain to hide drug profits, citing its portability, value, and lack of traceability. Experts note gold’s appeal amid a cashless shift, but warn that hard data on rising criminal use is scarce or anecdotal at best. While crypto is traceable, gold’s opacity makes it harder to track—though it’s bulkier and riskier to move in large amounts. Organised criminals in the UK are increasingly using gold to launder and hide the proceeds of their activities, according to a report from The Daily Mail. As the price of gold remains close to record highs at nearly $3,400, the report cites anecdotal evidence of increased gold use among British criminals. It refers to one case of an Essex drug dealer who in 2024 was found by police to have $32.425 worth of solid gold coins hidden in a safe, as well as to a 2022 case of a Birmingham gang who converted a portion of their $135,100 profits into gold bars. One other example was the conviction in Bradford earlier this year of multiple gang members who laundered close to $359.4 million by buying gold grain, which is easier to conceal than bullion and which was largely sent out of the UK. Speaking to The Daily Mail, legal consultant Gary Carroll explained that, as far as criminals are concerned, the precious metal has various advantages over cash. “Gold lets criminals reduce £10,000 of drug money into an object they can fit in the palm of their hand,” he said. “The other benefit is gold tends to appreciate in value.” Carroll also cites technological and societal reasons for the reported turn to gold, including the shift to a largely cashless society. However, the newspaper’s citation of three incidents over the past three years doesn’t…

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Filed under: News - @ June 19, 2025 3:23 am