$6B scam accused in court, China loophole for Hong Kong Bitcoin ETFs: Asia Express

Chinese investors barred from Hong Kong Bitcoin ETFs, accused ringleader of $5.94B scam hits court, Philipines' SEC cracks down on Binance, and more!Yadi Zhang, a Chinese national alleged to have scammed over 130,000 Mainland China investors out of 43 billion Chinese Yuan and then laundered the proceeds using Bitcoin, has been apprehended by UK authorities.

When investors had earned “sufficient interest” and wanted to withdraw, however, things didn’t go well. In 2018, UK police raided the home Zhang and Jian and discovered 48 electronic devices including laptops, phones, and USB sticks allegedly used to launder funds into Bitcoin. By 2021, forensic police manage to decipher the devices and gain access to 61,000 Bitcoin valued at $4 billion. The whereabouts of the remainder of the stolen funds are currently unknown.

There is one minor loophole however: The ban does not include Mainland Chinese residents who also have a temporary or permanent residence permit in Hong Kong. Interestingly, all three issuers of the Hong Kong spot crypto ETFs are Chinese off-shore asset managers, and their products are tradable in the Chinese Yuan.

Binance is currently the largest crypto exchange in the world, with a daily trading volume of $65 billion, covering more than 402 cryptocurrencies and 183 million users. According to the Philippines SEC, users won’t be guaranteed to be able to withdraw funds from the exchange after Binance is blocked by internet service providers in the country, likely within three months’ time.

Source: Digital Coin News (digitalcoinnews.net)

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