Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»China shuts down $2.2 billion underground banking operation using cryptocurrency
ADOPTION NEWS

China shuts down $2.2 billion underground banking operation using cryptocurrency

By Crypto FlexsDecember 28, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
China shuts down .2 billion underground banking operation using cryptocurrency
Share
Facebook Twitter LinkedIn Pinterest Email

Chinese authorities recently dismantled a massive $2.2 billion underground banking network that was cleverly using foreign digital currency platforms to circumvent China’s strict financial controls. This operation was revealed after a detailed investigation by the Chinese Foreign Exchange Police.

It is an underground financial system that operates by purchasing cryptocurrency and then selling it through an overseas trading platform to obtain the necessary foreign currency. This process effectively circumvented China’s strict foreign exchange regulations. Xu Xiao, an investigator at the Qingdao Branch of the State Administration of Foreign Exchange, emphasized that the process mainly involved illegal foreign exchange transactions, mainly converting yuan into other currencies.

During the raid, authorities seized approximately $28,000 worth of cryptocurrency, including: rope And there is Litecoin, etc. But the operation is believed to have moved more than $2.2 billion through more than 1,000 bank accounts across 17 provinces and municipalities. This extensive network demonstrates the sophisticated and widespread nature of illicit activity.

Under China’s strict regulations, individuals can only exchange up to $50,000 of foreign currency per year unless they are officially permitted to do so. Transactions exceeding this limit without authorization are considered money laundering. This policy reflects China’s efforts to prevent capital outflows and maintain “closed” capital accounts.

China, once a major player in the cryptocurrency market, expanded restrictions on mining and trading after banning cryptocurrency exchanges outright in 2017. Despite this ban, underground activity continued, as evidenced by recent bankruptcy cases. The Chinese government is taking a strict stance on cryptocurrency to prevent illegal financial activities.

Interestingly, while mainland China maintains a hostile stance toward cryptocurrencies, the special administrative region of Hong Kong is more progressive, enforcing certain rules and granting licenses to cryptocurrency exchanges. This discrepancy highlights the different approaches to cryptocurrency regulation within and outside of China.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

GiftlyCard.com Recognized As Verified And Secure By Independent Review Sites

September 3, 2025

Embodying “Simple Mining, Smart Gains” For Effortless Crypto Accumulation

September 3, 2025

TOKEN2049 Singapore stops all records with the world’s largest Web3 event with 25,000 attendees in unprecedented demand.

September 3, 2025

Simultaneously Mine Dogecoin (DOGE), Ripple (XRP), And SOL

September 3, 2025

Simultaneously Mine Dogecoin (DOGE), Ripple (XRP), And SOL

September 3, 2025

Cango Inc. Announces August 2025 Bitcoin Production And Mining Operations Update

September 2, 2025

BitMine Immersion (BMNR) Announces Release Of August Investor Presentation And Latest Video Message From Tom Lee, Chairman

September 2, 2025

Pioneering AI Visionary Vincent Boucher & AGI Alpha Announce A Meta‑Agentic AGI Jobs Marketplace Platform

September 2, 2025

Meme Coin Little Pepe Raises Above $24M In Presale With Over 39,000 Holders

September 2, 2025

Bybit WSOT 2025 Attracts Quadruple Squads As $8M Main Competition Commences

September 2, 2025

Duration Of The Process And Important Nuances

September 2, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

GiftlyCard.com Recognized As Verified And Secure By Independent Review Sites

September 3, 2025

Embodying “Simple Mining, Smart Gains” For Effortless Crypto Accumulation

September 3, 2025

TOKEN2049 Singapore stops all records with the world’s largest Web3 event with 25,000 attendees in unprecedented demand.

September 3, 2025
Most Popular

Ethereum Price Rising, Is This The Start Bulls Have Been Waiting For?

January 17, 2024

Use XRP To Mine BTC And DOGE? CryptoMiningFirm Launches New Cross-chain Cloud Mining Contract To Help Global Users Earn $8,150 A Day

July 23, 2025

As ETH’s price ends another weak month, Ether Lee’s Exchange Supply falls to a new lowest level.

May 3, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.