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China arrests 1,100 suspected of using cryptocurrencies for money laundering.

Chinese authorities have arrested more than 1,000 individuals on charges of using illicit funds to acquire cryptocurrencies in a new effort against money laundering in the country. Nicknamed "Operation Breaking Card", the actions aim to repress this type of crime related to fraud in the telecommunications sector. China's Ministry of Public Security released the information on its official WeChat account this past Wednesday (9th). This is the fifth phase of Chinese police raids against possible cases of money laundering with cryptocurrencies in the country. The most recent operation targeted people who allegedly used digital coins to mask the criminal origin of the funds. Authorities arrested more than 1,100 people and brought down 170 organizations, according to the Ministry of Public Security. These criminals often used fake or stolen SIM cards and newly created bank accounts to launder money from scams applied through the traditional banking system. However, with the authorities' increased vigilance over financial institutions and parallel markets, these groups were forced to change their strategy. Cryptocurrencies were the most obvious solution. So, with the help of illegal digital currency exchangers, criminals paid a commission from their earnings to convert the proceeds of the frauds into cryptocurrencies, and then transfer the amount to other accounts in order to elude the authorities. Chinese police did not specify how much money might have been laundered by these organizations. Based on the text by: Bruno Ignacio. Mark 2 friends in the comments! #meijicoin #meiji #meijishirine #WavesExchange #trader #JPMorgan #Google #Dogecoin #Binance #Coinbase #OKex #Kraken #ElonMusk #Tesla #Spacex #Amazon #PayPal #EmperorNaruhit2 #DEX #SEGA #crypto #cryptocurrency #cryptotrading #blockchain #investors #cryptoexplorer #cryptocurency

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