Chinese police 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 come as the Chinese Communist Party (CCP) ramped up its crackdown against Bitcoin while three major industrial bodies banned crypto-related financial and payment services. Crypto-related crimes in China have exacerbated in the recent weeks as the country continues it expand its trade internationally.

Over 170 criminal groups 

According to the Chinese Ministry of Public Security, the law enforcement had busted more than 170 criminal groups, who were all involved in the conversion of illegal money into virtual currencies via crypto exchanges. The groups charged a commission of 1.5 to 5 per cent on each conversion, the ministry added in a  Wechat statement.  Because cryptocurrencies are anonymous, convenient and global in nature, “they…

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