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China Sets Legal Precedent in $111M Crypto Money Laundering Bust Coin Edition 07 Nov 2024

China Sets Legal Precedent in $111M Crypto Money Laundering Bust 🇨🇳

cryptocurrency China Money Laundering 베이징

Beijing authorities have successfully identified and dismantled a significant money-laundering network that managed to move an estimated 800 million yuan (about $111.36 million) via cryptocurrency transactions. These transactions were reportedly connected to telecom fraud and online gambling activities.

The network cleverly used overseas cryptocurrency platforms to obscure the illegal origin of the funds, complicating the Chinese government's ongoing efforts in fighting cyber and financial crimes. This incident is significant as it sets a new legal milestone within China.

The crackdown serves as a critical reminder of the challenges that global digital finance poses for law enforcement, emphasizing the need for robust legal frameworks and international cooperation in tracking and prosecuting cybercriminal activities.

Source: coinedition.com ↗

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