Central Bank of China: Organizers of illegal gambling used USDT to launder money
The People’s Bank of China said that with its participation, illegal activities in the organization of gambling were stopped, in which digital assets were used to withdraw capital abroad..
According to The Block, on Thursday, the Central Bank published a post on its blog, where it outlined the details of a joint operation with law enforcement agencies against gambling on the Internet. Usually, to organize such activities, servers in foreign jurisdictions and various methods of bypassing the control over the movement of capital in China are used, the regulator explained..
In a recent episode, the Huizhou branch of the People’s Bank of China helped police shut down three sites and detain 77 suspects who had used USDT in cross-border money laundering transactions. Their value, according to the publication, was about 120 million yuan or $ 18 million..
“In this case, not only bank transfers were used, but also virtual currency. Money laundering was carried out through several levels, so the movement of funds was extremely confusing, ”the Central Bank said..
The Chinese authorities have been waging a massive fight against illegal economic activity over the past months. As a result, as previously reported by the media, the bank accounts of many OTC crypto traders were blocked..
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