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China has officially classified cryptocurrency transactions as a form of money laundering by updating its anti-money laundering (AML) laws. This significant legal shift marks the first time Chinese authorities have explicitly recognized 'virtual asset' transactions as methods of money laundering. The Supreme People's Court and the Supreme Procuratorate have included these transactions in their interpretation of the Criminal Law, reflecting an intensified crackdown on financial crimes involving digital currencies. In the first half of 2024, 1,391 individuals were prosecuted for money laundering, a 28.4% increase from the previous year. Meanwhile, rumors about China potentially lifting its ban on Bitcoin are circulating, although no official confirmation has been made.
⚡️ JUST IN: BINANCE AND CZ HIT WITH LAWSUIT OVER ALLEGED CRYPTO LAUNDERING Binance - $BNB and former CEO Changpeng Zhao (CZ) are facing a new lawsuit from three investors. They claim #Binance enabled money laundering, preventing them from recovering stolen crypto assets. The… https://t.co/uHnjAuZYHt
A new class action lawsuit has been filed against Binance accusing it and founder Changpeng Zhao of enabling widespread money laundering and violating U.S. financial regulations. https://t.co/AsTOSQzZ8T
BINANCE AND CZ HIT WITH ANOTHER LAWSUIT OVER ALLEGED MONEY LAUNDERING - REPORT - Binance and its former CEO Changpeng Zhao (CZ) are facing a class action lawsuit in Seattle federal court, according to Consensys legal counsel Bill Hughes. Key Details: - The lawsuit, filed by… https://t.co/lXphgtXh2z https://t.co/B107HlYwAT
