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Wednesday

23 June 2021

China Arrests 1,100 People Allegedly Using Cryptocurrency to Launder Criminal Proceeds – News Bitcoin News

China Arrests 1,100 People Allegedly Using Cryptocurrency to Launder Criminal Proceeds – News Bitcoin News


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Chinese authorities have announced that more than 170 criminal gangs have been eliminated and over 1,100 suspects arrested in the latest round of crackdown on criminal groups providing cryptocurrency money laundering services for telecom fraudsters.

This has “Severely cracked down on illegal and criminal groups that provide virtual currency money laundering services for telecom fraud,” the ministry detailed, adding:.

Police investigations have revealed that these criminal gangs usually work with “coin farmers” who help the fraudsters launder money.

The announcement further notes: “Up to now, the ‘broken card’ operation has eliminated 15,000 illegal criminal gangs … arrested 311,000 suspects … and controlled 18,000 illegal industry outlets and institutions.”.

10 last year after the State Council, China’s cabinet, convened an inter-ministerial joint meeting to crack down on a new type of illegal telecom network fraud.

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