A monitor shows trading prices for bitcoin and other cryptocurrencies, including Tether, in Hong Kong, on Sept 25, 2021.Police in the northern Chinese region of Inner Mongolia have arrested 63 people for laundering 12 billion yuan of cryptocurrency, in the latest case highlighting the opaque nature of China’s crypto market, which ranks No 4 worldwide despite an official ban on trading by the central government.
China, once the world’s largest crypto investment market, still has a large underground community even though participants have little regulatory or legal protection. Court papers from the case of collapsed crypto exchange FTX revealed that 8 per cent of its clients were from mainland China. More than 200 police officers were assigned to the case. They also worked with overseas crypto exchanges and traced crypto blockchain records as part of the investigation, the officer said.[[nid:532389]]
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