China is tightening the noose on crypto users

[Alexandoy]

In the news posted by CNBC, more than 1,000 were arrested for suspicion of money laundering related to crypto coins. In the ongoing crackdown of crypto currency trading in China, the public security ministry said that 170 groups were busted for suspected money laundering activities with the use of crypto currency.

As in my other post about crypto that was paid as ransom, the criminals thought that cash is easy to track down but crypto coin is difficult because they can juggle the crypto in different digital wallets. But the authorities have their own way to track the crypto movement in different digital wallets. This may be bad news for the crypto lovers who are dismayed with the sinking of the crypto prices. I think the Chinese crackdown is for real that it has a direct effect on the crypto market.

 

[Sotherefore]

All this cryptocurrency fraudsters are trying to make things difficult for innocent citizen of China because these are some of the things that can actually push the government of a country to ban certain things like the cryptocurrency,, already they are banned all financial institution accepting bitcoins.