- Binance crypto exchange announced that Chinese yuan trading will cease completely by the end of year.
- Chinese authorities uncover crypto-related money laundering scam involving more than $ 150 million.
Cryptocurrency exchange data Binance aannounced the delisting of Chinese yuan (CYN) trading by the end of the year. It comes as China continues a regulatory crackdown on crypto. Many major crypto exchanges and miners have already packed their bags and moved their businesses to other parts of the world.
According to Binance, the Chinese yuan trading zone will be wiped out in its entirety from the world. exchange on December 31. 2021. A statement from the exchange to Chinese users reads:
As of October 7, more than 20 digital asset companies have halted their services in the country and have withdrawn from the Chinese market . Even the big Huobi exchange, founded in China, recently announced its intention to permanently relocate its activities. The exchange suspended the creation of new accounts and revealed that accounts belonging to users in mainland China will be closed by December 31. It will also ceaseent CYN deposits and cash transactions by mid-December. Following the announcement by Houbi and now Binance, OKEx is the only major exchange to have yet issued a statement detailing its plans.
The government is reportedly compiling a list of suspected IP addresses of be involved in illegal crypto mining.
Binance involved in $ 130 million crypto money laundering case
Police in the Chinese city of Zunyi have arrested nearly 100 suspects in the One of the largest crypto-related money laundering operations the country has ever seen. About $ 130 million is declared to have been laundered using major exchanges Houbi, Binance and OKEx.
The scam was discovered by a joint anti-fraud working group betweene Zunyi Town Public Security Bureau and the Ministry of Public Security. Besides the crypto money laundering case, 332 telecom fraud cases have been reported to have taken place across the country. About 51 cell phones, 15 computers and 511 bank cards were seized by investigators.
Colin Wu, a Chinese journalist described the crimes committed by the cartel: