Crypto trader in China received money from scammers and became a defendant in the investigation
An OTC USDT trader on the OKEx platform from China became a defendant in a police investigation after receiving money from scammers, writes 8btc.
The police found that about 500,000 yuan ($ 73,500) from the fraudulent scheme were transferred to OKEx accounts, after which this money was converted into cryptocurrency through an OTC trader. As a result, investigations were initiated in several provinces.
Scammers search for victims on the Internet and offer them to invest in stocks or gambling. Recently, the Huobi exchange began to warn customers that it will reject suspicious withdrawal requests, and if in doubt about the source of origin, it will prohibit their use in trading on the OTC platform..
OTC traders are considered accomplices in a crime if they exchange funds knowingly knowing about their illegal origin. According to an industry participant, they have a chance to avoid liability if they claim to have been involved in money laundering unintentionally..
Usually, the money received by the criminal is transferred to exchanges using bank cards or the Alipay payment system. Often times, trading platforms do not have the tools to effectively identify such transactions.
Earlier it became known that the People’s Bank of China began to blacklist OTC crypto traders.
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