China Cracks Down on Crypto Money-Laundering Linked to Telecom Fraud

China has arrested 16 individuals suspected of operating a cryptocurrency money-laundering network linked to telecom fraud, according to The Block report.

The alleged scheme involved recruiting members of the public to provide bank accounts and debit cards, which were then used to launder illicit proceeds derived from telecom fraud.

This is part of Beijing's ongoing efforts to curb digital asset misuse in financial crimes, particularly those targeting vulnerable citizens through phone scams.