Friday, 24 March, 2023

Beijing arrests over 1100 in crypto-related money laundering case

<p>1,100 suspects were arrested in China for using cryptocurrencies to launder illegal money. After the recent step-up in a crackdown on cryptocurrency, cops made these arrests in an attempt to weed out the use of digital currency in crimes. Over 170 criminal groups have been busted by the cops. These groups charged 1.5% to 5% for converting black money into cryptocurrency. The anonymous nature of digital currencies makes them easy to use for cross-border money laundering.</p>