Binance, Tether, Tron and TRM Labs’ T3 Financial Crime Unit closed in late August, Bloomberg reported, citing unnamed people familiar with the matter. Tron, Tether and TRM Labs confirmed the closure to Bloomberg; Binance declined to comment. The report said the unit had struggled with slow responses and poor coordination among members.
In May 2026, T3 said it had frozen more than $450 million in illicit USDT since its September 2024 launch. After a Binance hack on Oct. 29, Binance co-founder Changpeng Zhao proposed a crypto-wide security alliance that could share findings and coordinate faster asset freezes.
