Hong Kong Police Dismantle Cross-Border Crypto Laundering Network – Coincu
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Key Points: Hong Kong Police dismantled a cross-border crypto laundering syndicate involving $15M. Arrests included 12 individuals from mainland China and Hong Kong. Operation highlights the growing complexity of crypto misuse. On May 17, Hong Kong Police conducted a night raid targeting a cross-border cryptocurrency laundering network, resulting in 12 arrests and the disruption of $15 million in illicit activities. The arrests underscore ongoing efforts to combat financial crimes, emphasizing blockchain’s role in money laundering. Authorities aim for stricter regulations on crypto exchanges. Hong Kong Raids Uncover $15 Million Laundering Network The recent operation by the Hong Kong Police targeted a sophisticated cross-border syndicate involved in laundering HK$118 million, revealing the illicit use of cryptocurrency exchange shops. Police raids in Mong Kok dismantled the network’s operational hub, leading to 12 arrests of individuals from Hong Kong and mainland China. The operation captured considerable attention, with over 500 bank accounts found in use for laundering. The Hong Kong Police’s strategy involved targeting fraud scams to expose crypto conversion activities. Key figures such as Chief Inspector Lo Yuen-shan and Superintendent Shirley Kwok highlighted the challenges of tracking financial crimes linked to virtual currencies. “We are committed to dismantling the organized crime that exploits our financial systems,” said Chief Inspector Lo Yuen-shan, Senior Officer, Fraud Investigation Division, Hong Kong Police Force. Surge in Fraud Cases Prompts Stricter Crypto Regulations Did you know? The use of cryptocurrency in financial crimes has surged, prompting authorities worldwide to tighten regulations. Amid financial crime crackdowns, Hong Kong has seen a nearly 12% increase in fraud cases, influencing recent actions to strengthen crypto regulations. Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 20:20 UTC on May 18, 2025. Source: CoinMarketCap The Coincu research team indicates that the police operation might influence Hong Kong’s regulatory framework, pushing for more comprehensive…
Filed under: News - @ May 18, 2025 8:25 pm