Chinese Police Arrested Over 1,100 Suspects in Crypto Laundering Scandal

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On Wednesday, the Chinese Ministry of Public Security said that it has captured around 1,100 people for laundering cash through cryptocurrencies. The declaration was posted on the Ministry’s WeChat account, an online media application in China.

The criminals supposedly charged a commission of 1.5% to 5% to change criminal continues over to cryptographic forms of money utilizing crypto trades. The Ministry didn’t give subtleties over how much cash was washed, nor which exchanging stages were utilized.

Photo by China Photos/Getty Images

The cash procured came from illegal phone and Internet tricks, per the public authority body. The news comes in the midst of a more extensive crackdown on the crypto business in China.

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