China arrests more than 1,000 people in cryptocurrency laundering scandal

On Wednesday, China's Ministry of Public Security said it has arrested nearly 1,100 people for money laundering via cryptocurrencies. The announcement was posted on the ministry's official WeChat account, a social media app in China. Money launderers allegedly charge 1.5% to 5% commissions to convert the proceeds of crime into cryptocurrencies using crypto exchanges. The ministry did not provide any details on how much money was laundered or which trading platforms were used. According to the government agency, the money earned came from illegal phone and internet scams. The news came amid wider crackdown on China's crypto industry. China's poor relationship with crypto has banned cryptocurrency trading since 2017; however, this ban has once again dominated the headlines in recent weeks. Last month, three of China's most prominent payment institutions – China National Internet Finance Association, China Banking Association, and China Payment and Clearing Association – unanimously supported the government's stance on crypto. “Recently, crypto prices have skyrocketed and dropped, and speculative cryptocurrency trading has rebounded, seriously infringing on the security of people's property and disrupting the normal economic and financial order,” the three industry associations said in a statement. Declaration. China's Qinghai Province Becomes Third Province to Ban Bitcoin Mining Cryptocurrency trading is not the only aspect of the crypto industry that has come under fire in China lately. Earlier this week, China's Qinghai province announced a new ban on Bitcoin mining and crypto mining in general. According to a document released yesterday by the Qinghai Department of Industry and Information Technology, all mining companies in the province will be shut down and new ones will not be approved. Qinghai is the third Chinese province to impose a crypto mining ban, following the path followed by Xin earlier. laid out

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