Chinese Police Bust Underground Bank Running Illegal Crypto-Based Currency Operation
Latest News News

Chinese Police Bust Underground Bank Running Illegal Crypto-Based Currency Operations

  • Chinese police in Panshi City, Jilin arrested six people for running an “underground bank” providing illegal crypto-based operations for clients.

Chinese police identified what they called an “underground bank” providing illegal currency conversion services.

The operators exploited crypto’s anonymity and ease of cross-border transfers to provide the service, China News Service reported.

Chinese police arrested six people involved in using cryptocurrency to provide an illegal currency conversion operation that handled some 2.14 billion yuan ($296 million), according to a China News Service report published on Weixin.

See Also: Hacker With $182,000,000 Stolen From Poloniex Starts Moving Funds to Tornado Cash

The “underground bank” was uncovered by the Public Security Bureau of Panshi City, Jilin, the state-owned news service said.

The operation used domestic accounts to receive and transfer funds while exploiting the anonymous, borderless characteristics of over-the-counter virtual currency trading to exchange between the yuan and South Korean won. 

Users included Korean purchasing agents, e-commerce firms and import/export companies, among others, according to the report.

Disclaimer: The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.