Chinese Police to Seize $1.4M Worth BTC

Cryptocurrency was seized from illegal bookmaker offices, which are banned since the middle of 20th centuary
12 July 2018   1719

Police in Guangdong Province arrested 540 suspects in the participation and organization of a network of online football sweepstakes, at which rates were accepted in bitcoins for a total of more than 10 billion yuan ($ 1.5 billion). This is reported by Xinhuanet.

Organizers of gambling sites were participants of 20 criminal groups. The police froze their assets by five million yuan and seized the crypto currency by 10 million yuan ($ 1.4 million).

Law enforcement agencies also closed about 70 mobile applications, websites, 250 groups in social networks and instant messengers through which suspects conducted their activities. For eight months, about 330,000 participants bets on these platforms.

Since the middle of the XX-th century activity of bookmaker offices is illegal in China. However, in Macau and Hong Kong, sports bets are not banned.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   308

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.