China intensifies ‘Hundred-day Action,’ detains 93 money laundering suspects

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China is known for its tough stance toward cryptocurrencies and the fact that it is used by many to launder money catalyzes its strong opposition to the industry. According to a recent development, a province in China recorded 93 money-laundering suspects across the region.

In a nationwide law enforcement operation known as “Hundred-day Action,” police in the Hunan province of southern China said on Monday that they had detained 93 suspects across the nation, busted over 10 physical sites, seized more than 100 mobile phones and computers, and frozen about 300 million yuan ($41.9 million) related to the case. 

According to the police, the 93 people allegedly washed up to RMB 40 billion ($5.6 billion) using cryptocurrencies. The authorities claim that the corrupt gang laundered its profits by purchasing cryptocurrencies using illicit money and then selling them in exchange for U.S. dollars. According to a Sunday post on the Hengyang county police department’s official WeChat account, since 2018, the group led by an individual surnamed Hong collected illegal funds from either fraudulent telecom transactions or unlawful gambling.

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It is worth mentioning that China reported its first money laundering case that involved its own digital yuan in November last year, as TheCoinRise reported.

China and its stance toward the crypto industry

It is important to note that crypto trading, mining, or any operation related to the industry for that matter, were made illegal in China in September 2021. The action came as part of a mass crackdown on what the country sees as a sector that has upset the country’s economic and financial order.

In spite of the restriction, China was ranked 10th on Chainalysis’ 2022 list of the top digital assets adoption countries, which was published earlier this month.

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Regulators worldwide are trying everything to minimize the use of cryptocurrencies in these kinds of activities by implementing Anti Money laundering (AML) regulations. Recently, the crypto mixer Tornado Cash has been sanctioned by the U.S. Treasury Department for its involvement in money laundering activities worth $7 billion.

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