Short answer: no, not mostly. The "privacy coins are crime coins" line is the most repeated claim in this whole debate, and the 2026 crime data does not back it up. Crime is a small slice of crypto, and the asset doing most of that small slice is the boring dollar-pegged stablecoin, not Monero or Zcash.
Let us walk through the actual numbers, because this is exactly the kind of claim that deserves data instead of vibes.
First fact: crypto crime is a small share of crypto
Both major blockchain forensics firms agree the illicit share of crypto is well under a few percent, even though they count it differently.
| Measure | 2024 | 2025 | Source |
|---|---|---|---|
| Illicit share of volume | 0.14% | "slightly higher, still below 1%" | Chainalysis |
| Illicit share of volume | ~1.3% | ~1.2% | TRM Labs |
| Absolute illicit value | ~$41B (est. up to $51B) | ~$154B | Chainalysis |
| Absolute illicit value | n/a | ~$158B | TRM Labs |
The two firms differ because they define "illicit" and "total volume" differently. Chainalysis calls its figure a lower-bound estimate based on addresses identified so far, and notes the number gets revised up over time. TRM includes sanctioned entities and lands higher. Either way, the share is small and roughly flat year over year, even though the absolute dollar figure jumped in 2025 (driven largely by sanctioned entities, per Chainalysis).
So before we even get to privacy coins: crime is a minority use of crypto, full stop.
Second fact: the crime that happens runs on stablecoins
Here is the number that quietly ends the argument. When Chainalysis breaks illicit volume down by asset, privacy coins are not the story. Stablecoins are.
"Stablecoins currently dominate the illicit crypto ecosystem, accounting for 84% of all illicit transaction volume in 2025," per the Chainalysis 2026 Crypto Crime Report.
That is up from 63% in 2024. The illicit world moved toward dollar-pegged tokens on transparent chains, not toward privacy coins. It makes sense when you think about it: criminals need liquidity and stable value, and stablecoins offer both on chains that are easy to use.
What share of illicit volume actually uses privacy coins? Chainalysis does not publish a clean number for it in the public sections of its 2025 or 2026 reports. We are not going to invent one. The honest statement is: privacy coins are not quantified as a leading illicit vehicle, and the asset that is quantified, repeatedly and prominently, is stablecoins.
Why the myth sticks around anyway
If the data is this clear, why does the "crime coin" label persist? A few reasons, and none of them are the data:
- Privacy is unfamiliar, and unfamiliar reads as suspicious. A coin that hides amounts feels shady to someone who has never needed financial privacy.
- Regulators prefer assets they can trace. Delisting privacy coins is easier than explaining nuance, so the delisting itself becomes "evidence" of guilt by association.
- Cash comparison gets skipped. Physical cash is the most private money there is and is used in crime constantly. Nobody argues we should ban twenty dollar bills. Privacy coins are the digital version of that same trade-off.
What privacy coins are actually for
The overwhelming majority of privacy-coin demand is ordinary people who do not want their entire financial life on a public ledger. That includes:
- Someone who does not want their employer, landlord, or the person they paid for a couch to see their full wallet balance and history.
- People in countries with unstable banks or surveillance who need money that works without permission.
- Anyone who simply believes what they earn and spend is nobody else's business by default.
Bitcoin is a public ledger. Every payment you ever made sits there forever, linked to every address you touched. Privacy coins like Monero exist so that "private by default" is an option in digital money the same way it always was with cash. We cover the how in how to buy Monero anonymously and the tech in Monero vs Zcash.
The honest limits
We are a no-KYC exchange, so read this section knowing our bias, and notice we are still going to be straight with you. Privacy is not a free pass. Sanctioned addresses are screened and rejected everywhere serious, including here, because that is the law in most places and it is the right line to hold. Privacy protects ordinary people from surveillance. It does not and should not protect sanctioned entities, and the small slice of genuine crime is exactly why screening exists. Our own stance is to screen before a swap starts, so a flagged deposit never gets exchanged in the first place. That is a different thing from treating every private transaction as guilty.
Frequently asked questions
Is Monero used for crime? Some, like every form of money including cash and the US dollar. But the 2026 crime data does not show privacy coins as a leading illicit asset. Stablecoins account for 84% of illicit volume per Chainalysis, and overall crypto crime is under 1% of volume.
What percent of crypto is illicit? Chainalysis put 2024 at 0.14% and says 2025 was slightly higher but still below 1%. TRM Labs, using a broader definition, put it around 1.2% to 1.3%. Small either way.
Which crypto is most used for illicit activity? Stablecoins, by a wide margin in the latest data: 84% of illicit transaction volume in 2025 per Chainalysis, up from 63% in 2024.
If privacy coins are not the problem, why do exchanges delist them? Compliance pressure and traceability, not crime statistics. Rules built around tracking transactions are hard to apply to coins built to hide them, so regulated venues drop them.
Does CoinVast allow sanctioned funds? No. Deposits are screened before the exchange starts, and anything tied to sanctions lists is rejected rather than swapped. Privacy for ordinary people, not a loophole for sanctioned entities.
Sources
Chainalysis 2025 and 2026 Crypto Crime Reports (illicit share, absolute value, stablecoin share); TRM Labs 2026 Crypto Crime Report (illicit share and volume). All read June 2026. Where a figure was not published, we said so rather than estimate.