Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

China arrests over 1,100 suspects in crackdown on crypto-related money laundering

06/09/2021 | 10:30pm EDT
FILE PHOTO: Picture illustration of a small toy figurine and representations of the Bitcoin virtual currency displayed in front of an image of China's flag

SHANGHAI (Reuters) - Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said.

The arrests came as authorities in China step up their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China's cabinet, vowed to clamp down on bitcoin mining and trading.

The public security ministry said that by Wednesday afternoon police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money.

The money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges, the ministry said via its official Wechat account.

China's Payment & Clearing Association said on Wednesday that the number of crimes involving the use of virtual currencies is on the rise.

Because cryptocurrencies are anonymous, convenient and global in nature, "they have increasingly become an important channel for cross-border money laundering," the association said in a statement.

Cryptocurrencies have already become a popular means of payment in illegal gambling activities. Nearly 13% of gambling sites support the use of virtual currencies, and blockchain technology has made it more difficult for authorities to track the money, according to the association.

(Reporting by Samuel Shen in SHANGHAI and Alun John in HONG KONG; Editing by Simon Cameron-Moore)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - EURO -0.37% 31873 Real-time Quote.35.38%
BITCOIN - UNITED STATES DOLLAR -0.31% 37982.95 Real-time Quote.31.76%
Latest news "Economy & Forex"
07:03aOil falls amid dollar strength; demand picture still bullish
RE
07:03aOil falls amid dollar strength; demand picture still bullish
RE
07:03aIrish insurers' group faces EU antitrust charges for limiting competition
RE
07:00aKIOSK ASSOCIATION EXHIBITING AT MAJOR RETAIL AND RESTAURANT EVENTS : NRF Retail Converge and NRN CREATE
SE
06:57aGlobal equity funds see biggest inflows in three weeks - Lipper
RE
06:52aIndia's central bank approves takeover of fraud hit PMC Bank
RE
06:47aBOJ to launch new scheme for fighting climate change, keeps policy steady
RE
06:47aAhead of crucial AGM, Toshiba board chairman vows to be 'agent of positive change'
RE
06:41aIndian shares snap four straight weeks of gains on Fed's hawkish turn
RE
06:22aFACTBOX : The Bank of Japan's new scheme and approach on climate change
RE
Latest news "Economy & Forex"