China busts $295 million underground bank that used crypto to convert foreign currencies | Headlines | News | CoinMarketCap
05/13/2024 14:46
China has busted an underground bank that illegally used cryptocurrency to conduct currency exchange operations between the Chinese yuan and the …
The Block Crypto News11 minutes ago
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Published on May 13, 2024 07:32 GMT+00:00edited on May 13, 2024 07:34 GMT+00:00
China has busted an underground bank that illegally used cryptocurrency to conduct currency exchange operations between the Chinese yuan and the South Korean won — involving at least 2.14 billion yuan ($295.8 million).
The local police published a state media report on Sunday saying that authorities in Northeast China’s Jilin province arrested six suspects who allegedly facilitated the case in China and South Korea.
The police explained that the suspects allegedly exploited features of cryptocurrency, such as anonymity in transactions and decentralization, to conduct foreign currency exchange operations illegally.
The police found that the criminal group used domestic accounts to receive and transfer funds and conducted over-the-counter cryptocurrency transactions. They allegedly …