China is cracking down on illegal crypto trades! 🇨🇳

Banks must track and report risky forex activities linked to underground banking, gambling, and illegal crypto deals.

SAFE’s new rules tighten control over yuan and foreign currency flows – making it harder to dodge forex laws.

Legal experts say this adds more legal firepower to penalize offenders. Now banks are part of the watchdog team.

Is China setting a new global standard for stopping illegal crypto flows?