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Chinese police say cryptocurrency being used to launder drug money

·1 min read

Cryptocurrencies were listed for the first time as a means to launder and transfer money related to the drug trade by the China Ministry of Public Security on Thursday.

See related article: China explores ways to classify cryptocurrency crimes

Fast facts

  • According to the China Drug Crime Report 2021, police solved 5,000 drug trafficking cases involving online transactions last year, or about 9.2% of all the drug-related cases.

  • “The circulation of drug funds has expanded from online bank transfers to cryptocurrency and in-game currency,” the report said.

  • In mid-2020, the Hangzhou Intermediate People’s Court published a verdict that an executive with a Chinese e-commerce platform used Bitcoin to buy methamphetamine on the dark web in 2018, according to a Chinese media report.

  • A research report in January showed that despite China’s ban on cryptocurrencies, 5,137 criminal cases involving crypto were registered in 2021.

See related article: The SEC is building a SWAT team to combat crypto crime