Blockchain
Chinese Police Arrest Six People for Illegal Cryptocurrency-Based Currency Operations: Report
According to a report, Chinese police have arrested six people involved in using cryptocurrency to provide an illegal currency conversion operation that handled around 2.14 billion yuan ($296 million). China News Service report published on Weixin.
The “underground bank” was discovered by the Public Security Bureau of Panshi City, Jilin, the state news service said.
The operation used domestic accounts to receive and transfer funds, taking advantage of the anonymous and borderless features of over-the-counter virtual currency trading to exchange between yuan and South Korean won. According to the report, users included Korean purchasing agents, e-commerce companies, and import/export companies, among others.