Thousands arrested in China for money-laundering with Crypto


There is no slowing down of China authorities when it comes to the cryptocurrency market. This came after reports from the Ministry of Public Security from China that some 1,100 people have been arrested for money laundering using cryptocurrencies.

Continuing the crackdown move

China has been coming down hard on cryptocurrency trading in recent months especially in moving towards establishing its own digital currency. In May 2021, 3 industry bodies in the country banned several financial and payment services in the cryptocurrency segment. China’s cabinet, the State Council also announced its stand to curb bitcoin-related activities in the country. In the latest move, it shows how serious the government is and this is surely a step up on this initiative.

Making successful inroads so far

More than 170 criminal groups involved in money laundering using cryptocurrencies have since been busted. According to the Public Security Ministry, these money launderers use crypto exchanges to convert money into virtual currencies. They charge a commission on the clients between 1.5% to 5%. Such crimes are fast increasing in the world-economic powerhouse. It makes it easier for the criminal to carry out such activities since cryptos are convenient and anonymous. Funds can be moved across the world with ease and hence makes it easy for criminals to carry out cross-border transfers.

Of late, there has been a rise of cases where cryptocurrencies are used to finance illegal activities including gambling between the players. Blockchain technology has allowed the syndicates to move funds much easier and authorities have had a hard time trying to track them down, more so trying to stop them. Latest reports have shown that more than 12% of the gambling sites out there support virtual currencies for their transactions and payments. This is not anything new as cryptos have long been used by criminals on the Dark Web for all sorts of illegal activities.

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