{"id":106154,"date":"2021-06-10T22:10:44","date_gmt":"2021-06-10T14:10:44","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=413630"},"modified":"2021-06-10T22:10:44","modified_gmt":"2021-06-10T14:10:44","slug":"china-arrests-over-1000-in-crypto-laundering-scandal","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2021\/06\/10\/china-arrests-over-1000-in-crypto-laundering-scandal\/","title":{"rendered":"China Arrests Over 1,000 in Crypto Laundering Scandal"},"content":{"rendered":"
\"MediaIntel.Asia\"<\/a><\/div>\n

China Arrests Over 1,000 in Crypto Laundering Scandal China has arrested approximately 1,100 people for laundering criminal proceeds by buying cryptocurrencies. China has arrested 1,100 people for laundering the proceeds of crime with cryptocurrency. The announcement was made by China's Ministry of Public Security.
\nOn Wednesday, the Chinese Ministry of Public Security said that it has arrested about 1,100 individuals for laundering money through cryptocurrencies. The announcement was posted on the Ministry\u2019s official WeChat account, a social media app in China.
\nThe money launderers allegedly charged a commission of 1.5% to 5% to convert criminal proceeds to cryptocurrencies using crypto exchanges. The Ministry did not provide details over how much money was laundered, nor which trading platforms were used.
\nThe money earned came from illicit telephone and Internet scams, per the government body.
\nThe news comes amid a broader crackdown on the crypto industry in China. China\u2019s tenuous relationship with crypto
\nChina has imposed a ban on cryptocurrency trading since 2017; however, in recent weeks, that ban has dominated headlines once again.
\nLast month , three of China\u2019s most prominent payment institutions\u2014the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China\u2014unanimously backed the government\u2019s stance on crypto.
\n\u201cRecently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people\u2019s property and disrupting the normal economic and financial order,\u201d the three industry bodies said in a statement.
\nCryptocurrency trading is not the only aspect of the crypto industry that\u2019s come under fire in China recently, either.
\nEarlier this week, China\u2019s Qinghai Province announced a new ban on Bitcoin mining and crypto mining more broadly.
\nAccording to a document issued by the Qinghai Industry and Information Technology Department yesterday, all mining businesses in the province must shut down, and no new businesses will be approved.
\nQinghai is the third Chinese province to impose a ban on crypto mining, following the trail previously laid by Xinjiang and Inner Mongolia . https:\/\/decrypt.co\/73214\/china-arrests-over-1000-crypto-laundering-scandal Read on the Decrypt App for the best experience. For the best experience, top crypto news at your fingertips and exclusive features download now. Load More<\/p>\n

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

China Arrests Over 1,000 in Crypto Laundering Scandal China has arrested approximately 1,100 people for laundering criminal proceeds by buying cryptocurrencies. China has arrested 1,100 people for laundering the proceeds of crime with cryptocurrency. …<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[144,1527,586,671,4,194,465,1542,55,264],"tags":[5567,7705,3686,10424,3472,10333,6823,10437,10438,10537,8064],"class_list":["post-106154","post","type-post","status-publish","format-standard","hentry","category-china","category-currency","category-economy","category-finance","category-internet","category-news-chinese-law","category-social-media","category-technology","category-tencent","category-xinjiang","tag-bitcoin","tag-blockchain","tag-boycott","tag-china-general-news","tag-chinese","tag-crypto","tag-fintech","tag-inner-mongolia","tag-mongolia","tag-qinghai","tag-wechat"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/106154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=106154"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/106154\/revisions"}],"predecessor-version":[{"id":106155,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/106154\/revisions\/106155"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=106154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=106154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=106154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}