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Chinese police have arrested around 1,100 people for money laundering, CoinDesk reported, adding that those arrested allegedly used crypto to evade the law.
China is facing a nationwide crackdown on money laundering activity related to telecommunications fraud, which has been dubbed Operation Card Breaking, according to CoinDesk. In addition to the arrests, Chinese police closed 170 criminal organizations.
Telecommunications criminals have been known to use fake or stolen SIM cards and compromised bank accounts to launder their money through the regular banking system, CoinDesk reported.
In other news, Solana Labs has raised $ 314 million in new funding to develop technology for use in the decentralized finance (DeFi) space, the Wall Street Journal (WSJ) reported.
The transaction was structured as a purchase of Solanas digital tokens as opposed to a traditional stock purchase, according to the WSJ.
Solana has the capacity to process over 50,000 transactions per second, WSJ reported. This capacity could also increase. The company uses less electricity than Ethereum or Bitcoin, which could prove beneficial as concerns have grown over crypto’s power consumption.
Meanwhile, eBroker Interactive Brokers plans to offer cryptocurrency trading on its platform by the end of the summer, CNBC reported.
The news comes as investors have invested heavily in crypto, including Bitcoin and other assets, and digital coins are becoming increasingly popular, according to CNBC. By offering bitcoin trading, Interactive Brokers could make digital money even easier for individual investors.
Finally, the Korea Financial Services Commission will impose fines of 100 million won (approximately $ 89,000) on any exchange employee trading on their own exchange platform, CoinDesk reported. There are no current laws preventing this sort of thing.
South Korea’s updated Financial Transaction Reporting Law (FTRA) requires every crypto exchange to register with the Financial Intelligence Unit (FIU) by September 24.
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NEW PYMNTS DATA: STUDY ON CRYPTO-CURRENCY PAYMENTS – MAY 2021
About the study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million plans say they plan to use it to make payments for everything from financial services to ‘grocery. In the Cryptocurrency Payments Report, PYMNTS surveys 8,008 cryptocurrency users and non-users in the United States to examine how they plan to use crypto to make purchases, what crypto they plan to buy. ‘use and how merchant acceptance can influence merchant choice and consumer spending.
Bitcoin, China, cryptocurrency, Financial Intelligence Unit, Financial Transactions Reports Act, fraud, financing, Interactive Brokers, international, Investments, Korea Financial Services Commission, News, Solana Labs, South Korea, What’s new
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