China arrests over 1,100 for money laundering in crypto crackdown

Busts 170 groups for money laundering

China arrested over 1,100 people in a sweeping crackdown on the use of cryptocurrencies for money laundering, adding to signs it’s further reining in crypto-linked activities.
 
Police busted more than 170 criminal groups that used cryptocurrencies to launder money in telecom scams to avoid being tracked down, the Ministry of Public Security said in a statement. The campaign spanned 23 provinces and cities, it added. Arrest figures were as of Wednesday.
 
The criminal groups needed to hire people to help with the laundering process because the bank accounts they used for such scams had been seized. Those hired