November 24, 2025

Billions in Bitcoin Laundered through UK, 3x Crypto ETFs, New IRS 1099-DA Rules & a Blockchain Company's Biotech Side Business | November 24, 2025

9 minutes

UK authorities have dismantled a sprawling network accused of funneling illicit proceeds to evade Russian sanctions (1:16). The arrival of high-leverage investment vehicles in Europe and the U.S. allows traders to triple—or even quintuple—their exposure to market swings (3:05).

We also break down the tightening grip of American tax authorities as they prepare to roll out strict new reporting mandates for digital asset brokers (4:39). Finally, we explore the curious intersection of blockchain and pharmaceuticals, where a crypto company is seeking FDA approval for a controversial overdose treatment (6:31).

More on stories and articles discussed or referenced in this episode:

Hitchcock, Logan. "Europe Will Get Risky 3x Leveraged Bitcoin, Ethereum ETFs as Crypto Markets Melt Down." Decrypt, 22 November 2025, https://decrypt.co/349630/europe-risky-3x-leveraged-bitcoin-ethereum-etfs-crypto-markets-melt-down.

Knight, Oliver. "UK Crime Network, Worth Billions, Used Crypto to Funnel Drug Cash to Russia, NCA Says." CoinDesk, 22 November 2025, https://www.coindesk.com/business/2025/11/22/uk-crime-network-worth-billions-used-crypto-to-funnel-drug-cash-to-russia-nca-says.

Munk, Cheryl Winokur. "IRS Crackdown on Popular Crypto 'Tax Cheat' Begins with 2025 Filing Year." CNBC, 22 November 2025, https://www.cnbc.com/2025/11/22/new-irs-requirements-crypto-tax-cheat-risky-this-year-filing.html.

Sephton, Connor. "Billion-Pound Money Laundering Network Operating in 28 Towns and Cities in UK." Sky News, 21 November 2025, https://news.sky.com/story/buying-cocaine-on-a-friday-night-may-inadvertently-fund-russias-war-in-ukraine-britons-warned-13473429.

Wilkins, Joe. "Crypto Company Creates Bizarre Drug." Futurism, 22 November 2025, https://futurism.com/health-medicine/crypto-tharimmune-opioid-drug.

The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti.

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By The World Crypto Report