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Chinese Police Bust $296M Illegal Crypto-Based Currency Operation: Report
Police in Panshi City, Jilin arrested six people for running an "underground bank."
- Chinese police identified what they called an "underground bank" providing illegal currency conversion services.
- The operators exploited crypto's anonymity and ease of cross-border transfers to provide the service, China News Service reported.
Chinese police arrested six people involved in using cryptocurrency to provide an illegal currency conversion operation that handled some 2.14 billion yuan ($296 million), according to a China News Service report published on Weixin.
The "underground bank" was uncovered by the Public Security Bureau of Panshi City, Jilin, the state-owned news service said.
STORY CONTINUES BELOW
The operation used domestic accounts to receive and transfer funds while exploiting the anonymous, borderless characteristics of over-the-counter virtual currency trading to exchange between the yuan and South Korean won. Users included Korean purchasing agents, e-commerce firms and import/export companies, among others, according to the report.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
