TechFlow news, February 12 — According to China National Radio, recently, police in Yanbian, Jilin Province cracked a case involving cross-border fund transfers using cryptocurrencies. The case involved over 1 billion RMB, spanned 10 provinces across China, and led to the arrest of more than 20 suspects.
The criminal gang collected cryptocurrencies within China by purchasing from coin traders and dealers using RMB, then sold the digital assets overseas to obtain foreign currencies, thereby completing cross-border fund transfers.
According to statistics from the Yanbian Economic Investigation Brigade, among the 49 underground bank cases handled in 2023, 18 utilized cryptocurrencies for cross-border payment and settlement.
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