CryptoWallCity vs MEXC Exchange

Chinese police say cryptocurrencies are being used to launder drug money

China’s Ministry of Public Security listed cryptocurrencies for the first time as a means to launder and transfer money related to drug trafficking.

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

“The circulation of drug money has expanded from bank transfers to crypto and in-game currency,” the report said.

In mid-2020, the Hangzhou Intermediate People’s Court published a ruling that the executive director of a Chinese e-commerce platform used Bitcoin to buy methamphetamine on the dark web in 2018.

A research report in January found that despite China’s ban on cryptocurrencies, 5,137 criminal cases related to cryptocurrencies were handled in 2021.

According to a report on money laundering by Chainalysis, the number of cryptocurrencies used in money laundering activities increased by 30% in 2021 compared to 2020.