Chinese Authorities Crack Down on Massive Crypto Money Laundering Scheme
CryptoNewsTerminal Staff10 Sep, 2024
Chinese Authorities Crack Down on Massive Crypto Money Laundering Scheme
Chinese police have successfully cracked down on a criminal gang suspected of laundering approximately 500 million yuan (CNY), equivalent to approximately $73 million, through cryptocurrency transactions. According to a report by China's state-run CCTV, the Beijing police apprehended four suspects involved in the laundering operation. The suspects, who allegedly possessed foreign nationality, engaged in a scheme where they transferred funds from China to overseas accounts using cryptocurrency transactions before converting them into foreign currencies. Chinese authorities suspect that the individuals are connected to telecom fraud and embezzlement crimes, among others. This significant breakthrough by the Beijing police highlights the increasing efforts by Chinese authorities to combat money laundering activities utilizing cryptocurrencies. The move is part of China's broader push to regulate and control the crypto sector within its borders.
