Crypto Crackdown in Hong Kong

Hong Kong police busted a $15M crypto laundering ring using over 500 bank accounts for fraud. In Hong Kong, authorities dismantled a money laundering syndicate involving 12 individuals. Using crypto and 500+ bank accounts, the group laundered HK$118 million ($15M), linked to numerous fraud cases. Key arrests occurred in Mong Kok and Tsim Sha Tsui. The crackdown coincides with Hong Kong enhancing its crypto regulations, aiming to bolster innovation and consumer protection. At the core, it’s a battle against the misuse of technology for illicit gains in a city striving to be a crypto hub.