Chinese authorities have busted a money laundering ring using cryptocurrencies and arrested 11 suspects.
In the statement, it was claimed that the captured suspects laundered money through various banks in the cities of Xi'an and Taiyuan after making a profit by buying cryptocurrency at low prices and selling it at higher prices
News of a new operation came from China, known for its bans on Bitcoin and cryptocurrencies.
Law enforcement in China's Shanxi Province busted a money laundering ring using cryptocurrencies and arrested 11 suspects, local news agency sxgov reported.
Chinese authorities seized more than 2 million yuan of cryptocurrency from the gang.
In the statement, it was claimed that the captured suspects laundered money through various banks in the cities of Xi'an and Taiyuan after making a profit by buying cryptocurrency at low prices and selling it at higher prices.
China, which has imposed strict sanctions against BTC and cryptocurrencies, has already banned all cryptocurrency transactions and miners had to leave the country years ago.
