China says it has arrested more than 1,100 suspects and dismantled 170 criminal gangs as a result of a crackdown on cryptocurrency-related cash laundering.


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Chinese police arrested more than 1,100 people suspected of using cryptocurrencies to launder cash acquired through telecommunications scams, the country’s Ministry of Public Security said on its official WeChat account. Its investigators have eliminated more than 170 criminal gangs to date as part of an operation to combat telecommunications fraud, the ministry announced Wednesday. The alleged “coin producers” traded the proceeds of illegal cryptocurrency activities on trading platforms and charged their rogue clients commissions of between 1. 5% and 5% for the service, the ministry said. participate, causing serious social damage,” he said in his statement. The arrests came about...