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Cryptocurrency-Related Money Laundering Ring Busted by China, Over 1,100 Arrested The money launderers charged their criminal clients a commission to convert illegal proceeds into virtual currencies via crypto exchanges. By Reuters | Updated: 10 June 2021 14:02 IST Last month, three industry bodies banned crypto-related financial and payment services Highlights Cryptocurrencies have already become a popular means of payment Nearly 13 percent of gambling sites support the use of virtual currencies Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said. The arrests came as authorities in China step up their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China s cabinet, vowed to clamp down on Bitcoin

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