China’s Zunyi police arrested nearly 100 people using crypto-laundering on a scale of nearly $125 million

China’s Zunyi Municipal Public Security Bureau has busted a giant crypto-laundering gang, earning 800 million yuan, nearly $125 million.

Crypto criminals have borrowed the hands of significant exchanges to crypto-laundering

According to information from Wu Blockchain, based-on the Guiyang Evening News, the Zunyi Municipal Public Security Bureau has successfully cracked down on this city’s largest-ever cryptocurrency-laundering criminal gang. This raid exposed the money transfer and laundering ring of up to 800 yuan, equivalent to $124,177,320.

Since July 2021, the anti-fraud task force of the Zunyi City Public Security Department has continuously stepped up its work in dismantling crypto-related criminal organizations. At the same time, coordinate with relevant departments to conduct in-depth research and judge the clues brought by Task Force 7.22.

After nearly two months of active work, they have achieved remarkable results in investigating and dismantling a large group of money laundering criminals. Almost 100 suspects have been arrested, 332 cases of telecommunications fraud occurring nationwide have been exposed. The proceeds related to the incident were determined to be 9.56 million yuan, the corresponding property value of more than 3 million yuan, 51 mobile phones, 15 computers, and 511 bank cards were seized.

Currently, the police initially discovered that the criminal gang was recruiting people by posting recruitment notices to establish a company. After that, they operated mainly on platforms like Huobi, Binance, Ouyi, and OKEx. Taking advantage of the security and privacy of trading platforms, they repeatedly change information and transfer small amounts, combining with other methods to evade police investigation and bank control.

In addition, Binance posted a notice in Chinese, saying it will start restricting services to Chinese users. Specifically, the exchange announced that it will cancel all cryptocurrency trading pairs with Chinese yuan (CNY) on Binance P2P on December 31, 2021.

Not stopping there, Binance will conduct a review of all registered users on the exchange. If a user is found to be Chinese, that user’s account will be put into “withdrawal only” mode. The exchange will send an email informing about the user account transfer 7 days before.

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