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The money in question is mostly from phone and internet fraud.
According to Chinese police, members of more than 170 criminal groups have been arrested, whose members were transferring illegally obtained money into cryptocurrency through cryptocurrency exchanges for a commission of 1.5-5%. The local Payments and Clearing Association also said on Wednesday that the number of crimes involving cryptocurrencies was on the rise.
The arrests were another move by Chinese authorities to tighten regulations on cryptocurrencies. In May, three organisations that are not officially regulators, but in fact largely control the financial market - the National Internet Finance Association of China, the China Banking Association and the China Payments and Clearing Association - said that members of these associations should not operate cryptocurrency services.
The country's authorities have also recently expressed the need for stricter regulations on mining and the cryptocurrency market in general.
source: xinhuanet.com
According to Chinese police, members of more than 170 criminal groups have been arrested, whose members were transferring illegally obtained money into cryptocurrency through cryptocurrency exchanges for a commission of 1.5-5%. The local Payments and Clearing Association also said on Wednesday that the number of crimes involving cryptocurrencies was on the rise.
The arrests were another move by Chinese authorities to tighten regulations on cryptocurrencies. In May, three organisations that are not officially regulators, but in fact largely control the financial market - the National Internet Finance Association of China, the China Banking Association and the China Payments and Clearing Association - said that members of these associations should not operate cryptocurrency services.
The country's authorities have also recently expressed the need for stricter regulations on mining and the cryptocurrency market in general.
source: xinhuanet.com
