Beijing police have uncovered a large money-laundering network that used cryptocurrency transactions to move $111.36 million linked to telecom fraud and online gambling. The criminals used overseas cryptocurrency platforms to hide the illegal funds, posing a challenge for Chinese authorities. This follows a recent case in Shanghai where individuals were prosecuted for illegally obtaining digital wallet private keys. The Supreme People's Court and Supreme People's Procuratorate have issued a legal definition of virtual asset money laundering in an effort to clarify the legal framework. However, China's ban on domestic cryptocurrency exchanges remains in place.



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