Chinese Gambling Ring That Laundered $5.6bn Unearthed
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Chinese authorities have taken down a criminal syndicate in Hunan province. 93 people were arrested and the authorities froze different accounts holding a total of $41.4m. The authorities recovered $1.1m from scam victims. In Shanghai, over 800 people have been arrested for illegal online gambling since the start of the year. China’s travel restrictions have delayed recovery in the Southeast Asian market.
Binance is supporting an investigation into the freezing of some of its users' wallets. China is opposed to crypto and only recognizes digital currency from its central bank. It sees currencies like Bitcoin and Ethereum as a scam. The main reason the Chinese government opposes crypto is the introduction of the online Yuan.
