Research from Elliptic reveals that large-scale illicit cryptocurrency trading ecosystems have emerged on encrypted messaging platforms, with money-laundering and fraud-related transactions reportedly hitting approximately $2 billion monthly. These underground networks, operating through various guarantee and escrow-style services, represent growing compliance challenges for the broader crypto industry. The scale of such activity underscores the critical importance of robust KYC/AML frameworks and cross-platform monitoring systems. Exchange platforms operating in regulated jurisdictions continue strengthening their compliance infrastructure to prevent illicit funds from entering mainstream trading venues.