Blockchain analytics company TRM Labs recently released an in-depth investigation revealing a controversial case of fund flow. According to the report, since 2023, a certain geopolitical organization has transferred approximately $1 billion through two UK-registered cryptocurrency exchanges, Zedcex and Zedxion, with the obvious purpose of bypassing international economic sanctions regulations. This discovery once again sounds the alarm—issues such as exchange identity verification, anti-money laundering mechanisms, and transparency of cross-border fund flows remain weak links that the industry needs to address. From the perspective of blockchain's immutable nature, such illegal fund flows are ultimately difficult to escape tracking; however, the question remains: how can centralized exchanges more effectively identify and prevent such risky operations? This is a challenge that regulatory authorities and platform operators around the world are contemplating.