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China Arrests 93 for Laundering Billions in Crypto – Pandaily

The group has been buying crypto with illicit funds and selling it in US dollars for a profit. Police have frozen $42 million in connection with the case, Pandaily said.

Banks in Singapore must hold $125 of capital for every $100 of exposure to crypto-assets such as bitcoin because of their risk, according to a report by CryptoSlate.
Singapore took part in the Basel Committee on Banking Supervision (BCBS)'s framework for banks’ exposure to crypto. It is expected to release its final framework at the end of the year. File photo: Dado Ruvic, Reuters.


Chinese authorities in Hunan and other provinces have arrested 93 people suspected to be part of a criminal group that used cryptocurrency to launder 40 billion yuan ($5.6 billion), Pandaily reported on Tuesday, which noted that crypto trading was banned by Beijing in September 2021.

The group had been buying crypto using illicit funds since 2018 and selling it in US dollars for a profit, according to the report, which said the “dirty money” originated from telecom scams or gambling. Police have now frozen $42 million in connection with the case, it added.

Read the full report: Pandaily.




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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.


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