China Arrests Over 1,000 in Crypto Laundering Scandal


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China has arrested 1,100 people for laundering the proceeds of crime with cryptocurrency. The announcement was made by China’s Ministry of Public Security. On Wednesday, the Chinese Ministry of Public Security said that it has arrested about 1,100 individuals for laundering money through cryptocurrencies. The announcement was posted on the Ministry’s official WeChat account, a social media app in China. The money launderers allegedly charged a commission of 1.5% to 5% to convert criminal proceeds to cryptocurrencies using crypto exchanges. The Ministry did not provide details over how much money was laundered, nor which trading platforms were used. The money...