Crypto News – Combating Financial Crimes: Chinese Authorities Target Illegal Crypto Ring
Crypto News – The Panshi City Public Security Bureau in Jilin Province has been used by the Chinese authorities to shut down illicit cryptocurrency banking operations. The offenders used cryptocurrency’s anonymity to swap illegal foreign exchange, according to local media.
According to the report, six persons who were utilizing cryptocurrencies to buy foreign exchange were detained by Chinese security agents. Moreover, the thieves had transferred money valued at about 2.14 billion renminbi (RMB), according to the police investigation.
The police found out that the criminal gang, in this case, illegally engaged in foreign exchange business by using domestic accounts to receive and transfer funds, OTC trading of virtual currencies, Korean won settlement, etc., helping Korean purchasing agents, cross-border e-commerce, import and export trading companies, and other groups to actualize the exchange of RMB and exchange of Korean won,
the report
The Hong Kong Monetary Authority (HKMA) has focused on illicit over-the-counter (OTC) services since this year. They believe Chinese nationals circumvent international transfer restrictions by using these platforms.
FAQ
What is Renminbi (RMB)?
The People’s Republic of China uses the renminbi as its official currency.
What is OTC in trading?
Securities that are traded through a broker-dealer network rather than a major American exchange are known as over-the-counter (OTC) securities. This is typically the case for smaller companies that do not meet the standards to be listed on a national exchange.
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