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<ul class="wp-block-list news-points">
 <li>Beijing police dismantle a $111M crypto laundering network tied to telecom fraud and gambling.</li>
 <li>China’s first prosecution for wallet key theft sets new standards for managing virtual assets.</li>
 <li>New legal interpretation in China clarifies that virtual assets used in crimes qualify as laundering.</li>
</ul>
Beijing police uncovered a massive money-laundering network that allegedly moved 800 million yuan (approximately $111.36 million) through cryptocurrency transactions linked to telecom fraud and online gambling.
This <a href="https://coinness.com/en/news/33606" target="_blank" rel="noopener noreferrer nofollow">criminal operation</a> exploited overseas cryptocurrency platforms to conceal the origins of illegal funds, creating a challenge for Chinese authorities combating cyber and financial crimes.
<h2 class="wp-block-heading" id="h-new-legal-milestone-first-jail-time-for-wallet-key-theft">New Legal Milestone: First Jail Time for Wallet Key Theft</h2>
The Beijing police action comes on the heels of a legal precedent in China, where the Xuhui District Procuratorate in Shanghai prosecuted individuals for illegally obtaining digital wallet private keys, representing China’s first case of its kind.
<a href="https://coinedition.com/china-uae-vow-to-crack-down-on-crypto-enabled-crime-in-joint-statement/" rel="noopener noreferrer nofollow">Read also: China, UAE Vow to Crack Down on Crypto-Enabled Crime in Joint Statement</a>
According to officials, three suspects, including a man identified as Liu, co…
The post <a href="https://coinedition.com/china-sets-legal-precedent-in-111m-crypto-money-laundering-bust/" rel="noopener noreferrer nofollow">China Sets Legal Precedent in $111M Crypto Money Laundering Bust</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

China Sets Legal Precedent in $111M Crypto Money Laundering Bust

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