Long seen as privacy tools, crypto blenders are also in the sights of regulators for their role in money laundering. This report explores how they work, how they are actually used and the tensions they create between protecting privacy and fighting financial crime.
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Grégory Raymond is Head of Research and co-founder of The Big Whale. A specialist at the intersection of traditional finance and digital assets, he has been covering the regulatory, institutional and technological developments of the sector since 2017 for an audience of decision-makers: ,banks, asset managers and fintechs. He is also the author of Bitcoin & Cryptos: L'enjeu du siècle (Talent Éditions, 2025), a book built around interviews with key figures from the ecosystem.
Aleksandar Bukovski is Lead Analyst at The Big Whale, where he specializes in decentralized finance and crypto-assets. His published work at The Big Whale covers topics including stablecoins, tokenized finance, DeFi protocols, Bitcoin mining, and institutional adoption of digital assets. He also hosts the Market Call, a recurring market analysis format produced by The Big Whale.
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