In a statement released on Wednesday, China's Ministry of Public Security announced that authorities had arrested more than 1,100 suspects as well as taking down more than 170 'criminal gangs' during a nationwide crackdown of money-laundering activities.
As CoinDesk reported, telecommunications criminals in China have laundered their illegal money through compromised bank accounts as well as through fake SIM cards.
"After investigation, such illegal criminal gangs usually organize personnel to register on various virtual currency trading platforms with personal bank cards and information, purchase and exchange virtual currencies in accordance with the requirements of fraud gangs, and become 'coin farmers' who help them launder money," China's Ministry of Public Security said in the statement.
According to CoinDesk, in October 2020, China's State Council called for an increase of enforcement on telecommunication fraud crimes, which prompted the Ministry of Public Security to launch Operation Card Breaking. CoinDesk reported that since the operation was launched, Chinese authorities have arrested 311,000 people and have taken down 15,000 criminal organizations.
While it is unclear which form of cryptocurrency the arrested suspects were using, earlier this year, China prohibited financial institutions from conducting services related to cryptocurrencies. In this photo illustration, a visual representation of digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin is displayed on February 16, 2018 in Paris. Over 1,000 suspects were arrested by Chinese police on charges related to the use of cryptocurrency to evade laws while money laundering."Prices of cryptocurrency have skyrocketed and plummeted recently, and speculative trading has bounced back.
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