China says it arrested over 1,100 suspects and busted 170 criminal gangs in a crypto-related money-laundering crackdown
Chinaarrested more than 1,100 suspects on charges of money launderingusing cryptocurrency.
- Criminal clients paid up to 5% commission for conversion of dirty money into crypto, it said.
- The country banned financial institutions from offering crypto services about a month ago.
Police in China
The arrests came about a month after Chinese authorities banned the country's financial institutions from involvement in crypto-related payment services. The National Internet Finance Association of China, China Banking Association, and the Payment and Clearing Association of China warned investors that digital assets are not supported by real value.The Payment and Clearing Association of China said Wednesday that crimes involving digital currencies have been escalating as their anonymity facilitates convenient cross-border money laundering, Reuters reported.
China's clampdown is reflected in the closure of at least 12 crypto-influencer accounts on Weibo this week, with the social-media platform citing violations of "relevant laws and regulations."The country's ban on crypto transactions prompted a sharp sell-off across the digital asset market, sending bitcoin tumbling as low as $30,000 last month.
"China has played this game before where they have banned crypto and brought it back," said Steve Ehrlich, CEO and co-founder of crypto-trading platform Voyager Digital, adding that a focus on its own digital currency may have been the motive behind the ban.
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