An initiative that brought together four crypto industry companies to fight financial crime was quietly dissolved in August, Bloomberg reported Wednesday (Nov. 4), citing unnamed sources.
The T3 Financial Crime Unit (T3 FCU) was set up by Tron, Tether and TRM Labs in September 2024 and added Binance a year later, according to the report.
The initiative was dedicated to creating a “safer and more secure” crypto industry and reported in 2025 that it had worked with law enforcement agencies and frozen $250 million in illicit assets, per the report.
Over the past year, the initiative broke down and suffered slow response times and a lack of coordination among its members, the report said, citing the unnamed sources.
Without commenting on the details of the report, Tron, Tether and TRM confirmed to Bloomberg that the T3 initiative had wound down. Binance declined to comment, per the report.
A Tron DAO spokesperson said in the report that the T3 program had been very successful and that Tron will soon announce a new initiative focused on stopping illicit activity on the blockchain.
A Tether spokesperson told Bloomberg that Tether will continue to work with TRM on this issue, that the company has been participating in TRM’s real-time intelligence sharing initiative, Beacon Network, and that Tether is also working on an initiative called the Financial Access and Systemic Empowerment Foundation (FASE Foundation), which launched in October.
TRM’s global head of policy and government affairs, Ari Redbord, said in the report that “T3 achieved extraordinary things” and that “Beacon Network builds on that work.”
When TRM announced in February that it secured $70 million in a Series C funding round, the company highlighted T3 among its other efforts to identify and disrupt illicit activity. The company said that by that time, T3 had frozen more than $300 million in tainted assets associated with illicit activities.
TRM launched the Beacon Network in August 2025, describing it as a real-time crypto crime response network built in collaboration with law enforcement, exchanges and stablecoin issuers.
Tether CEO Paolo Ardoino announced the launch of the FASE Foundation in a Saturday (Oct. 31) post on X, saying, “FASE Foundation brings together several industry leaders to educate, act and defend the people from financial crimes, risks and abuses.”
