Chinese police have arrested over 1,000 people on money-laundering charges, alleging they used cryptocurrency to help them evade the law.
This is the fifth round of a nationwide crackdown on money laundering activities related to telecom fraud in China, dubbed “Card Breaking Operation,” according to a statement released by the Ministry of Public Security on its official WeChat account on Wednesday.
The most recent round is targeted at people that use cryptocurrencies to assist money-laundering activities. The Chinese police named 170 criminal organizations in addition to the individuals they arrested.
This is a developing story and will be updated.
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.