More Than 1,100 suspects Arrested In China: Crypto Laundering

147
More than 1,100 suspects arrested in China over crypto-related money laundering

The Ministry of Public Security has arrested over 1,100 suspects in China for using cryptocurrencies to launder illegal proceeds from telephone and internet scams. This is the largest crackdown on crypto-related crimes that they have ever seen.

Regulators in China have been cracking down on cryptocurrency trading with a series of arrests. Last month, three industry bodies banned crypto-related financial and payment services while the country’s cabinet vowed to clamp down on bitcoin mining and trading which is driving up prices for cryptocurrencies globally.

Criminals have always sought ways to launder money, but now they are using cryptocurrencies! By Wednesday afternoon police had busted more than 170 criminal groups involved in crypto-laundering. These criminals charged their clients a commission between 1.5% – 5%. The public security ministry said that the conversion process was done through cryptocurrency exchanges and could be traced by authorities.

Cryptocurrencies are already becoming a popular means of payment in illegal gambling activities. Nearly 13% of gambling sites support the use of virtual currencies with blockchain technology, making it more difficult for authorities to track their money according to the association.

Wrap Up

Tell us your thoughts about how it will drive the crypto market? How will it affect China crypto situation?

Disclaimer: The Web Tribune is an independent content provider and not a financial advisor. Our goal is to provide you with the information, news coverage, commentary, analysis opinions, and advice that can help guide your investment decisions but it should never be relied on as any kind of guarantee or promise about returns. The site will do its best to ensure quality in our articles by conducting due diligence research before publishing them; however, we are not liable for anything less than 100% accuracy or usefulness if something gets published without appropriate vetting first because mistakes happen sometimes which affect everyone’s investments (including ours).