The alleged shadow bank run through a car-rental business in Pero, near Milan, combined cash from drug trafficking, tax offenses, and crypto investment scams, transferring funds through banks in Luxembourg, Lithuania, and Germany into cryptocurrency wallets

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Italian authorities initiated asset seizures worth over €21 million, encompassing cash, bank accounts, vehicles, jewelry, and cryptocurrency holdings

The criminal network behind a car-rental business in Pero used shell companies to issue over €110 million in false invoices, enabling complicit businesses in construction and logistics to reduce taxable income and receive cash returns minus a commission

On October 21, 2026, Italian authorities targeted 30 suspects accused of running an underground bank out of a car-rental business in Pero, near Milan, that transferred about €68 million abroad

Investigators linked the underground money laundering network run through a car-rental business in Pero to Italy's 'Ndrangheta, Camorra, and Fourth Mafia organizations, alongside Chinese and Albanian accomplices

Italian financial police units in Milan and Monza Brianza alongside the Anti-Mafia Directorate deployed over 350 officers on October 21, 2026, placing 16 suspects under custodial arrest and 14 under house arrest

Two Chinese nationals allegedly assisted an underground money laundering network near Milan by collecting cash stemming primarily from tax offenses

Proceeds from the underground network run through a car-rental business in Pero were allegedly used to support imprisoned 'Ndrangheta members and supply vehicles and weapons to criminal associates in southern Italy

Italian police arrested a Milan-based lawyer in October 2026 as part of a mafia-linked money laundering investigation into a car-rental business in Pero

Standard Chartered will integrate Zodia Custody's regulated business into its Securities Services division upon completion of its acquisition of Zodia Custody

Standard Chartered's subsidiary Standard Chartered I H Limited signed definitive agreements on October 21, 2026, to acquire 100% of Zodia Custody Limited

Standard Chartered said Zodia Custody's digital asset software and professional services operations will be spun off into Zodia Solutions, a standalone entity under SC Ventures

Standard Chartered's acquisition of Zodia Custody Limited remains subject to regulatory approvals and customary closing conditions without disclosed financial terms

Bitcoin enables the movement of capital across borders without requiring permission from financial intermediaries

El Salvador offers citizenship to foreign applicants who make a $1,000,000 contribution in Bitcoin or Tether

CitizenX acquired Plan B Passport, an advisory company that introduced Bitcoin proof-of-funds verification for Caribbean citizenship programs

Standard Chartered originally targeted definitive acquisition agreements for June 2026 and transaction completion by August 2026 after Zodia Custody shareholders and noteholders accepted its initial non-binding proposal in May 2026

Former Zodia Custody Chief Revenue Officer Richard Clark became Chief Executive Officer in September 2026, succeeding Julian Sawyer

Craig Perrin was appointed chief executive officer of the newly created spinoff company Zodia Solutions

Monzo limits cryptocurrency transfers to £5,000 over a 30-day period, while Nationwide caps daily transfers at £1,000.

The Financial Conduct Authority opened applications for a new UK cryptocurrency regulatory regime on September 30, 2026, ahead of rules coming into force on October 25, 2027.