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So-called crypto proxy payment services, in which users send virtual assets and an operator pays for goods or services on their behalf, are spreading unchecked on Telegram. Dozens of channels promoting the service are active on the platform. Industry officials say the model could be exploited for money laundering, illegal foreign-exchange transfers and other illicit transactions.

A Bloomingbit search of Telegram on May 21 found dozens of public channels, each with anywhere from several dozen to several hundred members, offering…