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China arrests 1,100 over cryptocurrency money laundering – ABC News

The country’s Bitcoin mines power nearly 80 per cent of the global trade in cryptocurrencies but trading in China is banned.

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China has arrested more than 1,000 people for using the profits from crime to buy cryptocurrencies, security officials say, as part of a growing crackdown on the industry.

  • The launderers charged clients a commission to convert illegal proceeds into virtual…

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