{"id":8066,"date":"2021-06-10T16:54:24","date_gmt":"2021-06-10T16:54:24","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/china-arrests-1100-people-allegedly-using-cryptocurrency-to-launder-criminal-proceeds\/"},"modified":"2021-06-10T16:54:24","modified_gmt":"2021-06-10T16:54:24","slug":"china-arrests-1100-people-allegedly-using-cryptocurrency-to-launder-criminal-proceeds","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/china-arrests-1100-people-allegedly-using-cryptocurrency-to-launder-criminal-proceeds\/","title":{"rendered":"China Arrests 1,100 People Allegedly Using Cryptocurrency to Launder Criminal Proceeds"},"content":{"rendered":"

Chinese authorities have announced that more than 170 criminal gangs have been eliminated and over 1,100 suspects arrested in the latest round of crackdown on<\/strong> criminal groups providing cryptocurrency money laundering services for telecom fraudsters.<\/strong><\/p>\n

Crackdown on Telecom Fraud Using Cryptocurrency for Money Laundering<\/h2>\n

The Ministry of Public Security of the People\u2019s Republic of China announced<\/a> Wednesday that the fifth round of the \u201cBroken Card\u201d operation has been carried out.<\/p>\n

This has \u201cSeverely cracked down on illegal and criminal groups that provide virtual currency money laundering services for telecom fraud,\u201d the ministry detailed, adding:<\/p>\n

More than 170 criminal gangs have been eliminated, more than 1,100 criminal suspects have been arrested.<\/p>\n

The criminal gangs used cryptocurrencies to transfer the funds involved in the case, the announcement notes.<\/p>\n

Police investigations have revealed that these criminal gangs usually work with \u201ccoin farmers\u201d who help the fraudsters launder money. These coin farmers would register with various cryptocurrency trading platforms and buy and sell cryptocurrencies in accordance with the gangs\u2019 specifications. The announcement describes:<\/p>\n

After completing the money laundering process, \u2018coin farmers\u2019 can obtain \u2018commissions\u2019 ranging from 1.5% to 5%. The high illegal income attracts a large number of people to participate, causing serious social harm.<\/p>\n

The announcement further notes: \u201cUp to now, the \u2018broken card\u2019 operation has eliminated 15,000 illegal criminal gangs \u2026 arrested 311,000 suspects \u2026 and controlled 18,000 illegal industry outlets and institutions.\u201d<\/p>\n

The Broken Card operation was launched on Oct. 10 last year after the State Council, China\u2019s cabinet, convened an inter-ministerial joint meeting to crack down on a new type of illegal telecom network fraud. The cards affected are primarily mobile phone cards and bank cards.<\/p>\n

<\/p>\n

China\u2019s Payment & Clearing Association said on Wednesday that the number of crypto-related crimes is on the rise. Cryptocurrencies \u201chave increasingly become an important channel for cross-border money laundering,\u201d the association said in a statement, adding that they have already become a popular means of payment in illegal gambling activities. The association noted that nearly 13% of gambling sites support the use of cryptocurrencies, which has made tracking more difficult.<\/p>\n

Chinese authorities have recently stepped up their efforts to crack down on illicit activities involving cryptocurrencies. Besides reiterating<\/a> its cryptocurrency prohibition issued several years ago, three industry bodies recently banned crypto-related financial and payment services. The State Council has also indicated that it will clamp down on bitcoin mining. On Wednesday, Bitcoin.com News reported<\/a> that China\u2019s Qinghai province has instructed bitcoin mining operations to shut down.<\/p>\n

What do you think about this Broken Card operation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, China crackdown, china crypto, china crypto crackdown, chinese crackdown, chinese crypto crackdown, coin farmers, Crypto Fraud, telecom fraud<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese authorities have announced that more than 170 criminal gangs have been eliminated and over 1,100 suspects arrested in the latest round of crackdown on criminal groups providing cryptocurrency money laundering services for telecom fraudsters. Crackdown on Telecom Fraud Using Cryptocurrency for Money Laundering The Ministry of Public Security of the People\u2019s Republic of China…<\/p>\n","protected":false},"author":0,"featured_media":8067,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8066"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8066"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8067"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}