China arrests 1,100 people for crypto money laundering

Buzz Staff 2021-06-10 The country's bitcoin mines power nearly 80 percent of the global trade in cryptocurrencies, although trading in China is banned. China has arrested more than a thousand people for using the profits from crime to buy cryptocurrencies, security officials said, as part of a growing crackdown on the industry. Officials have started to turn a sharp eye towards cryptocurrency miners to prevent speculation and stamp out money laundering. In April, the northern region of Inner Mongolia closed down all its cryptocurrency mines, claiming they failed to meet annual energy consumption targets. China banned trading in cryptocurrencies in…