China's Ministry of Public Security announced the arrest of over 1,100 people suspected of using virtual currency to launder money from Internet
The arrest comes amid China's tightening of crypto trading measures. Last month, three organizations, including the China Internet Finance Association, the China Bankers Association, and the China Clearing and Clearing Association, banned payment and financial services related to virtual currencies., while the State Council vowed to crack down on trading and mining of virtual currencies.

According to the Ministry of Public Security of China, on the afternoon of June 9, police arrested more than 170 criminal groups related to the use of virtual currency to launder money.

They charge a commission of 1.5% to 5% to customers for converting illicit proceeds into virtual currency through electronic exchanges.

The China Clearing and Clearing Association said that the number of crimes related to virtual currencies is increasing.

Due to its anonymity, convenience, and global nature, it becomes an increasingly important channel for cross-border money laundering.

Virtual currency is a popular payment method for illegal gambling. Nearly 13% of gambling websites support the use of virtual currency. Blockchain technology makes it more difficult for authorities to trace this cash flow.
Axact

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