TechFlow reports that Chinese police in Panshi City, Jilin Province have cracked down on an illegal cryptocurrency trading group, arresting six suspects. The group operated an "underground bank" leveraging the anonymity and cross-border transfer features of cryptocurrencies to facilitate illicit currency exchange between the South Korean won and the Chinese yuan, involving a total amount of 2.14 billion yuan (approximately $296 million). Those arrested include South Korean procurement agents, e-commerce companies, and import-export enterprises.
Add to Favorites
Share to Social Media
