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.
Related posts
-
Ontario ‘Crypto King’ Faces Major Fraud and Money Laundering Charges
The Ontario Securities Commission (OSC) announced on May 15... -
U.S. Treasury Says It Wants to Better Money Laundering Regulations Around Crypto, Other Illicit Finance
The U.S. Treasury Department wants to continue beefing up anti-money laundering and counter-terrorist financing efforts around... -
Global Banking Authorities Extend Crypto Regulatory Framework Deadline
The Group of Central Bank Governors and Heads of...