Coin

<ul class="news-points">
 <li>Chinese authorities uncover billions in illicit crypto despite a nationwide ban.</li>
 <li>Underground banks and illegal exchanges flourish as China’s crypto crackdown falters.</li>
 <li>About $86 billion of crypto flowed into China in the 12 months through June 2023.</li>
</ul>
Recent developments in China suggest the continued use of cryptocurrencies despite an existing ban by the government. Multiple raids by the Chinese police uncovered the use of cryptocurrencies for illicit transactions totaling billions of dollars.
A <a href="https://www.bloomberg.com/news/articles/2024-05-24/china-s-raids-on-forex-gangs-point-to-crypto-ban-being-flouted" target="_blank" rel="noopener noreferrer nofollow">Bloomberg report</a> revealed that in May, the police in China discovered an underground bank linked to 13.8 billion yuan, or $1.9 billion worth, of illegal transfers. They uncovered a gang implicated in the unauthorized conversion of about 2 billion yuan, and multiple unlawful money exchanges involving transactions worth over 1 billion yuan.
The outcome of these discoveries suggests a significant presence of Chinese traders actively participating in the cryptocurrency market. Furthermore, the police located the suspects around Beijing, the northeastern province of Jilin, and Chengdu City in the southwest, raising the possibility of a widespread practice across the entir…
The post <a href="https://coinedition.com/chinas-crypto-crackdown-failing-billions-in-illegal-transactions-exposed/" rel="noopener noreferrer nofollow">China’s Crypto Crackdown Failing? Billions in Illegal Transactions Exposed</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

China’s Crypto Crackdown Failing? Billions in Illegal Transactions Exposed

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