🔍 Breaking: China Busts $2.2B Crypto Money Laundering Ring

Chinese authorities have successfully cracked down on a massive $2.2 billion underground banking operation that exploited cryptocurrency trading platforms to circumvent strict local foreign exchange regulations. Here are the key details:

💰 Underground Operations Unveiled:

The illicit operation involved the purchase of virtual currencies by underground banks, which were then sold on overseas trading platforms to acquire the necessary foreign currency.

Xu Xiao, Inspector at the Qingdao Branch of the State Administration of Foreign Exchange, emphasized that this process constituted an illegal act of buying and selling foreign exchange.

🚫 China's Strict Forex Rules:

China strictly regulates money transfers outside the country, permitting each citizen to exchange only up to $50,000 in foreign currency annually. Transactions exceeding this limit without a permit are deemed money laundering.

🔗 Cryptos Used in Money Laundering:

Cryptocurrencies played a central role in this operation, enabling the movement of funds discreetly. During the investigation, authorities seized approximately $28,000 in Tether, Litecoin, and other digital currencies.

The operation spanned across 17 provinces and municipalities, involving over a thousand bank accounts.

🇨🇳 China's Ongoing Crypto Crackdown:

Despite being a former cryptocurrency market giant, China initiated a comprehensive ban on crypto exchanges in September 2017. Over the years, it has extended its crackdown to include restrictions on crypto mining and trading.

Recent reports reveal that global crypto exchanges are still indirectly onboarding Chinese clients. Binance, in particular, has faced accusations of allowing Chinese crypto trading through false claims of originating from Taiwan.

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