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China arrests 1,100 in cryptocurrency money laundering bust


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In what will only fuel perception in China that cryptocurrency is nothing more than a money laundering tool, security officials have arrested 1,100 people accused of using criminal profits to buy crypto. Chinese officials have been cracking down on cryptocurrency trade, which is banned in the country. The Ministry of Public Security in China says that Chinese police reportedly caught a huge network of criminals laundering ill-gotten money by purchasing cryptocurrency. Criminals allegedly use cryptocurrency exchanges to convert cash to “cleaner” virtual currencies that can be moved digitally. Cyptocurrency can serve this washing function, making it an aid for illegal […]

The post China arrests 1,100 in cryptocurrency money laundering bust appeared first on Thaiger News.

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