Chinese Police Freeze 4,000 Bank Accounts in Crypto Probe

Source: Regulation Asia Editors, Regulation Asia 2020-06-12

Guangdong police have reportedly frozen about 4,000 bank accounts belonging to cryptocurrency traders in a crackdown on illicit activities.

The bank accounts are suspected to have been involved in money laundering or to have received “black money”.

In particular, Chinese police suspect that Tether (USDT) is being frequently used for illicit activities.

At present, a single OTC transaction team could be the primary target, as all accounts associated with the team were frozen.

However, some bank accounts have been frozen despite having no trading activities for several months.

The police are said to have analysed blockchain data in their investigations.

Cryptocurrency

Blockchain