Cryptocurrency-Related Money Laundering Ring Busted by China

0
Loading...

Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said.

The arrests came as authorities in China step up their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China’s cabinet, vowed to clamp down on Bitcoin mining and trading. Bitcoin price in India at 12pm IST on June 10 stood at 26.8 lakhs.

The public security ministry said that by Wednesday afternoon police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money.

Loading...

The money launderers charged their criminal clients a commission of 1.5 percent to 5 percent to convert illegal proceeds into virtual currencies via crypto exchanges, the ministry said via its official WeChat account.

China’s Payment & Clearing Association said on Wednesday that the number of crimes involving the use of virtual currencies is on the rise.

Because cryptocurrencies are anonymous, convenient, and global in nature, “they have increasingly become an important channel for cross-border money laundering,” the association said in a statement.

Loading...

Cryptocurrencies have already become a popular means of payment in illegal gambling activities. Nearly 13 percent of gambling sites support the use of virtual currencies, and blockchain technology has made it more difficult for authorities to track the money, according to the association.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

Loading...

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Loading...

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More