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Crypto ‘trading platforms’ were part of $2.2B illegal Chinese forex ring: Report

December 27, 2023


Chinese authorities reportedly cracked down on a $2.2 billion underground banking operation that allegedly used foreign “virtual currency trading platforms” to help its clients bypass the country’s capital controls.

On Dec. 24, news was shared on Chinese social media that reported that Chinese foreign exchange police discovered an underground bank using crypto to bypass forex restrictions.

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