China and Hong Kong bust cross-border underground banking ring using crypto
- —More than 170 suspects detained in a joint mainland China-Hong Kong crackdown
- —Over 15 million yuan frozen and assets worth about HK$170 million seized
- —The ring used shell companies, fake trade, gold smuggling and crypto transfers
Why it matters: The crackdown on crypto-linked money laundering channels in China and Hong Kong raises risks for illicit OTC services and shadow payment networks.
Source: PANews