TechFlow reports that China's State Administration of Foreign Exchange (SAFE) has cracked down on an underground bank using cryptocurrency to provide illegal currency exchange services. The operation involved over 1,000 bank accounts across 17 provinces, transferring more than 15.8 billion yuan ($2.2 billion USD) to purchase cryptocurrencies on overseas exchanges and facilitate illegal RMB conversion services.
The accounts are linked to Li Mou, a textile worker who acted as a broker for virtual currency trading.
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