Thousands arrested for government crackdown

As the United Nations discusses the potential to counter the threat of crypto money laundering, a work report released by Ying Yong, the best people prosecutor prosecutor, at the third session of the 14th National Congress, shows that nearly 3,032 people will learn more about crypto money randyling.

China’s crackdown on Crypto Money Laundering

More than 3,032 people were booked in 2024 in connection with Crypto money laundering crimes, according to Yong’s work report.

How does Crypto money laundering work?

Criminals hide dirty money by turning it into anonymous code. They mix these cryptography with others and make it impossible to track them. They then move money quickly through many crypto addresses. Finally, they cash it out and pretend it comes from legal crypto transactions or investments, or use it to buy high value products.

China’s actions against financial fraud and crime

The same report states that around 25,000 people were arrested in China in 2024 for financial fraud and crimes.

This shows that the Chinese government is eager to eliminate financial fraud and the threat of crime from its financial ecosystem.

The report also states that in the same year, more than 825 people were charged with securities crimes, including financial fraud and insider trading.

It also adds that around 42 people in the Evergrande group case and 49 people in the Zhongzhi group case were booked in the same year.

The report says the China Securities and Regulation Authority is working with prosecutors to clean up the private equity sector.

China’s Crypto Regulation Scene: An Overview

China’s approach to cryptography is characterized by prohibitions rather than regulations. There is no single cryptographic regulator in the country. Instead, several Chinese government agencies play a role in enforcing the country’s crypto restrictions.

The People’s Bank of China is the main force behind China’s crackdown on cryptocurrency. Various other agencies, including financial stability, cybersecurity, and law enforcement directors, have also contributed to enforce cryptocurrency restrictions.

In conclusion, China’s strict legal measures against financial crimes demonstrate a commitment to managing illegal crypto transactions and financial fraud. With thousands of people being charged, the government’s stance on crypto money laundering is clear.