China busts $295 million underground bank that used crypto to convert foreign currencies

China has busted an underground bank that illegally used cryptocurrency to conduct currency exchange operations between the Chinese yuan and the South Korean won — involving at least 2.14 billion yuan ($295.8 million).

The local police published a state media report on Sunday saying that authorities in Northeast China’s Jilin province arrested six suspects who allegedly facilitated the case in China and South Korea.

The police explained that the suspects allegedly exploited features of cryptocurrency, such as anonymity in transactions and decentralization, to conduct foreign currency exchange operations illegally.

The police found that the criminal group used domestic accounts to receive and transfer funds and conducted over-the-counter cryptocurrency transactions. They allegedly assisted companies — such as South Korean purchasing agents, cross-border e-commerce platforms, and import and export trade firms — in currency exchanges between the Chinese yuan and the South Korean won.

Over the years, China has implemented tight capital control policies — leading some to use cryptocurrency to circumvent the rules.

airmark:
@Obainojazz, please why did Obi meet Atiku?

Trust politicians at your own peril.

obainojazz:
To create a soccer team and sign you as striker

obainojazz:
True, they are all trash… None of this present three can fix Nigeria
Lagos is not on par with its peers, same with Anambra… Atiku is just a thief on his own.
Me I just hate APC

airmark:

Werey

airmark:
@Obainojazz, please why did Obi meet Atiku?

Trust politicians at your own peril.

airmark:
@Obainojazz, please why did Obi meet Atiku?

Trust politicians at your own peril.

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

obainojazz:
Happy Birthday Bro…. You senior me well

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

GloriousGbola:


Happy birthday.

One year closer to your limit on this earth

Wishing you All the best

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

Roland17:


Happy birthday to my manest man!

All the best bro, your future bright, e sure me..

folake4u:


Happy Birthday Doc. ❤

iamoyindamola:

Happy birthday bro

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

liveLongNprospa:
Looks like apc government favored me.
First pikin Don show today😎

OkpaNsukkaisBae:



Happy birthday. Many more fruitful years ahead

TrebleChamp:
Happy birthday bro, wish you more blessed years ahead....

Itsrm:


Happy birthday bro. Many Happy returns

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

BlueRayDick:

Happy birthday doc. Make the best of this new year and continue to be a blessing to ur generation (Ur people saved my eyesight recently ) .

Ur best is yet to come.

Unlimited22:

Thanks boss

No worry una go win league next seasin

GloriousGbola:


i am wondering what exactly is going through atikus mind, seeing as obi was the spolier who royally fked things up for Atiku

can atiku truly forgive obi for this?

obainojazz:
Airmark
While I believe he might be the best of this bunch, I’ll be stupid to carry politician for head

Unlimited22:
Ladies and gentlemen, today is Unlimited26 👽👽👽

Another revolution round the sun.

airmark:


Happy birthday bro. May God grant all your wishes today, except the emboldened.