China continues to crack down on various cryptocurrency operations.
Most recently, the Chinese province of Hunan saw 93 people arrested for laundering up to $5.6bn using cryptocurrencies.
China suspended all cryptocurrency operations a few years back and prohibited all cryptocurrency mining, causing an exodus of companies who sought cheap electricity elsewhere, including Kazakhstan.
However, many cryptocurrency operations went underground with hundreds if not thousands of individuals now playing cat-and-mouse with the authorities.
Any sort of cryptocurrency operation is deemed illegal under current laws in the country. According to the authorities, the individuals who were apprehended had used crypto to convert their proceedings into US dollars.
The operation has been up and running since 2018 and may still have some people who are free and still running parts of it.
Most of the time, cryptocurrency operations in China are based all over the country to reduce the risk of authorities clamping down on all participants at the same time.
Chinese authorities have become very good at detecting crypto use, monitoring blockchain transactions and spikes in electricity to determine where illicit operations may be based.
During the most recent arrest, authorities managed to seize funds worth $41.9m among other paraphernalia that was used by the criminals.
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