• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

China Arrests Over 1,000 People in Cryptocurrency Laundering Scandal

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

On Wednesday, China’s Ministry of Public Security said it had arrested about 1,100 individuals for money laundering through cryptocurrencies. The announcement was posted on the ministry’s official WeChat account, a social media app in China.

Related articles

Hong Kong cryptocurrency exchange Hounax scammed users out of $15.4 million

Hong Kong cryptocurrency exchange Hounax scammed consumers out of $15.four million

November 27, 2023
What is money laundering?  “Money laundering” tricks used by criminals in cryptocurrencies and how to prevent them

What is cash laundering? “Money laundering” tricks applied by criminals in cryptocurrencies and how to stop them

November 27, 2023
China Arrests Over 1,000 People in Cryptocurrency Laundering Scandal
China Arrests Over 1,000 People in Cryptocurrency Laundering Scandal

The alleged money launderers charged commissions ranging from 1.5% to 5% to transfer proceeds of crime into crypto using cryptocurrency exchanges. The ministry did not provide details on how much was laundered, nor what trading platforms were used.

According to the government agency, the proceeds come from illegal internet and phone scams.

The news comes amid a broader crackdown on the crypto industry in China.

China’s “Dumb” Relationship with Cryptocurrency

China has imposed a ban on cryptocurrency trading since 2017; However, in recent weeks, that ban has once again taken over the headlines.

Last month, three of China’s most prominent payment institutions – the National Internet Finance Association of China, the China Bankers Association and the China Clearing and Clearing Association – unanimously endorsed government stance on cryptocurrencies.

Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrencies has recovered, seriously encroaching on the safety of people’s assets and disrupting economic and financial order. normal.

Cryptocurrency trading is not the only aspect of the crypto industry that has been under recent crackdown in China.

Earlier this week, China’s Qinghai province announced a new ban on Bitcoin mining and broader cryptocurrency mining.

According to a document issued yesterday by the Qinghai Department of Industry and Information Technology, all mining businesses in the province must close, and no new businesses have been approved.

Qinghai is the third Chinese province to adopt a cryptocurrency mining ban, following the path laid out in the past by Xinjiang and Inner Mongolia.

Synthetic

Maybe you are interested:

Join the chat group Coinlive Chats Now let’s discuss hot issues of DeFi market with Coinlive admins!!!

[ad_2]

Tags: arrestsCHINACryptocurrencyLaunderingpeopleScandal
Share76Tweet47

Related Posts

Trump Urges Oil Producers to Lower Prices Amid Iran Tensions

by shark
June 24, 2025
0

Trump demands U.S. oil producers lower prices, warning they aid adversaries amid Iran tensions.

CryptoQuant Analyst Predicts Bitcoin’s Surge Above $110K

by shark
June 24, 2025
0

Bitcoin could surpass $110,000, driven by unique market dynamics, a CryptoQuant analyst reveals.

Pi Network Faces Bearish Market Conditions, Price Hits New Lows

by shark
June 24, 2025
0

An analysis of Pi Network's recent price drop and market conditions.

Bitcoin and Ethereum Inflows Exceeding $1.2 Billion

by shark
June 24, 2025
0

Bitcoin and Ethereum inflows surge past $1.2 billion amid geopolitical risks, with strong institutional interest.

Veda Secures $18M from CoinFund-Led Round

by shark
June 24, 2025
0

Veda, the DeFi infrastructure provider, received $18 million in funding to expand their platform simplifying DeFi yield offerings across blockchains.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Trump Urges Oil Producers to Lower Prices Amid Iran Tensions
  • CryptoQuant Analyst Predicts Bitcoin’s Surge Above $110K
  • Pi Network Faces Bearish Market Conditions, Price Hits New Lows
  • Bitcoin and Ethereum Inflows Exceeding $1.2 Billion
  • Veda Secures $18M from CoinFund-Led Round
  • Norway Announces Temporary Ban on New Crypto Mining
  • Chainlink Holds Support and Pi Eyes June 28 While BlockDAG Hits $318.5M
  • Metaplanet Acquires 1,111 BTC, Portfolio Surpasses $1.1 Billion
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7