1100 Crypto Traders Arrested in China on Money Laundering

by in Cryptocurrency News

China arrests

The Ministry of Public Security in China announced arresting more than 1.100 persons, who are accused of money laundering for telecommunication network fraud.

Related: US plans to raise the crypto regulation issue at G7 summit

Beforehand, the Chinese government reiterated the crackdown on crypto trading and mining.

The country's police and security authority stated the police had shuttered over 170 illegal formations that were connected to crypto-related crimes of fraud and sums laundering. As reported by the ministry through Wechat, the launderers required from their criminal customers a fee between 1.5% and 5% to turn amounts into digital assets through crypto exchange platforms.

Chinese payments and clearing regulatory body published on June 9 that frauds with the use of crypto have become more common, saying that as cryptocurrencies don't require identity validation, criminals use them for international money laundering.

China keeps employing its strict policy against the crypto sector. On June 5, the country has blocked crypto and DeFi accounts as well as influencers from a popular microblogging (weibo) website Sina Weibo.

Today the news came that Chinese search engines like Baidu and Sogou disallowed results of three major crypto platforms: Binance, Huobi, and OKEx.