Chinese Authorities Bust Illegal Cryptocurrency Operation
According to a report from China News Service published on Weixin, Chinese police have apprehended six individuals involved in an illicit cryptocurrency operation responsible for handling approximately 2.14 billion yuan ($296 million).
The operation, described as an “underground bank,” was uncovered by the Public Security Bureau of Panshi City, Jilin province.
It employed domestic accounts to receive and transfer funds, leveraging the anonymity and cross-border nature of over-the-counter virtual currency trading.
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This allowed the operation to facilitate exchanges between the Chinese yuan and the South Korean won.
The clientele of this illegal operation reportedly included Korean purchasing agents, e-commerce firms, import/export companies, and various other entities.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
