Around 100 people were arrested in China on charges of laundering money on a large scale after develop and implement a scheme based on cryptocurrency transactions, they report local average.
This June, the Police of Zunyi (Guizhou province) started the operation ‘Broken card’ in order to dismantle an organized gang that would be involved in at least 332 cases of money laundering fraud amounting to more than 130 million of dollars.
After two months of research, the agents arrested the alleged criminals, who had managed to cover up their criminal practices thanks to carrying out transactions of small amounts and handling multiple bank cards. The police confiscated 51 cell phones, 15 computers and 511 cards during the operation.
To carry out your bleaching scheme, the band used digital assets and turned to some of the major cryptocurrency exchanges such as Binance, OKEx y Huobi, according to the researchers.
By the end of September, the Central Bank of China declared all transactions with virtual currencies illegal. Beijing qualifies the use of cryptocurrencies as speculative investments at best and a way of laundering money at worst.
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