As the nation increases measures to curb illegal financial flows, Chinese police have dismantled a huge criminal organization reportedly responsible for a 40 billion yuan (US$5.6 billion) crypto money laundering case. In a nationwide law enforcement operation known as “Hundred-day Action,” police in the Hunan province of southern China said on Monday that they had […]
As the nation increases measures to curb illegal financial flows, Chinese police have dismantled a huge criminal organization reportedly responsible for a 40 billion yuan crypto money laundering case.
that they had detained 93 suspects across the nation, busted over 10 physical sites, seized more than 100 electronic devices, and frozen about 300 million yuan related to the case.According to crypto reporter Colin Wu, who cited Weixin on 26 September, nine cases were made public, and one of them involved the “9.
It led to the destruction of more than 10 money-laundering and hiding locations, the seizure of more than 100 mobile phones and computers related to the case, the seizure and freezing of 300 million yuan in funds related to the case, and the recovery of 7.8 million yuan in economic losses sustained by the victims.
Numerous domestic enterprises in China have also started using illegal remittances as a quick and secure way to send money. Permit other shareholders to distribute funds in a way that unfairly benefits them.that China now stands in the top 10 countries leading in the adoption of digital assets despite a severe crackdown and restriction on crypto-related businesses.
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