93 Arrested by China's Authorities for Laundering RMB 40Bn Using Crytocurrencies

Authorities in China's Hunan province arrested 93 people for allegedly laundering up to RMB 40 billion ($5.6 billion) using cryptocurrencies, as the country continues to crack down on crime using digital assets.

China has not only cracked down on the use of crypto for illegal activities, but also on the industry itself. The country banned crypto trading, mining, as well as the use of digital assets for payments.

Since 2018, led by an individual surnamed Hong, the suspects had been laundering funds gained from fraud and gambling across the country, according to a Sunday post on the official WeChat account of the Hengyang county police department, which made the arrest. They were using crypto to convert the funds to U.S. dollars, the post said.

Police seized more than 100 mobile phones and computers, RMB 300 million ($41.9 million) of funds, and other losses for the victims, the post said.

(Source: CoinDesk)