Home Bitcoin 4,000 Chinese Bank Accounts Reportedly Frozen Due to Crypto Connections

4,000 Chinese Bank Accounts Reportedly Frozen Due to Crypto Connections

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About 4,000 Chinese bank accounts of over-the-counter cryptocurrency traders bear been allegedly frozen by guidelines enforcement.

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4,000 Chinese Bank Accounts Reportedly Frozen Due to Crypto Connections

Spherical 4,000 Chinese bank accounts of cryptocurrency traders bear reportedly been frozen by local guidelines enforcement.

In accordance with a June 8 notify by 8BTC, police iced up the bank accounts of hundreds of  over-the-counter (OTC) traders from the Chinese province of Guangdong.

This purportedly comes as segment of a wider investigation into illegal activities equivalent to gambling and money laundering, which 8BTC states bear been usually facilitated by crypto OTC trading with the stablecoin Tether (USDT). 

Per the notify, authorities started freezing the bank accounts on June 4. One retail investor reportedly discovered his checking legend frozen after procuring cryptocurrency on a main, credible crypto swap.

Frozen accounts are not guaranteed to be alive to on illicit activities and can supposedly be restored after an diagnosis of their activities finds no wrongdoing. 

Native guidelines enforcement is purportedly discovering out blockchain diagnosis abilities in relate to trace on-chain crypto asset transactions.

Crypto’s involvement in money laundering

Cryptocurrency transactions can’t be stopped by authorities, and crypto wallets create not favor to be linked to private identities esteem bank accounts are. Thanks to those functions, crypto is infrequently old by tech-savvy criminals for money laundering purposes.

As Cointelegraph reported in slow February, menace intelligence agency IntSights claimed that cryptocurrencies are extra and additional being old for money laundering in Latin The United States. 

In Would perhaps, an Australian lady was arrested after promoting Bitcoin (BTC) for money. She is accused of having toddle a money laundering operation since 2017.