China arrests over 1000 for using cryptocurrency to help launder proceeds of phone scams

China’s crackdown on cryptocurrencies has reached a new crescendo, with the nation’s Ministry of Public Security on Wednesday proclaiming it has arrested over 1000 people and shut down 170 gangs that provided crypto-linked money-laundering services. The Ministry’s announcement says it detected, and dismantled, gangs that provided money-laundering services to criminal organisations.

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