Chinese authorities shuttered an underground bank in Jilin province using cryptocurrency for illicit Chinese yuan-South Korean won exchange.

Chinese authorities have shut down an underground bank operating in Jilin province, which facilitated illegal currency exchange between the Chinese yuan and South Korean won using cryptocurrency. The criminal group exploited the inherent features of cryptocurrency, such as anonymity and decentralization, to conduct illicit foreign currency exchange activities. Six suspects have been arrested in connection with the case.

May 13, 2024
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