[2017-02-06]5m RMB money laundry case concerns altcoin exchang compliance

[hl5460]

While the top 3 bitcoin exchanges are still being scrutinized by PBOC since January, a recent report of money laundry case via bter has raised concern for regulatory compliance issues in altcoin exchanges.
The author, a lawyer in Beijing, disclosed a case using bitcoin as money laundry tools to stress the importance of AML on bitcoin exchanges and a reminder for authorities of capital flight.
The suspects come from Bingyang, a small city notorious for telecom frauds in Guangxi province. There are constant demands for money laundry. With some self-education online, Xu, the laundry dealer, figured out how to clean money via bitcoin exchanges. Xu managed to hook up with Xiao, who was a committed criminal for a series of telecom crimes. They managed to pull off two jobs, laundering a total of 5.424 million RMB(~790k USD at spot rate) .




http://news.8btc.com/money-laundry-case-raises-concern-over-regulatory-compliance-among-chinese-altcoin-exchanges

[hl5460]

Sorry, should have posted on the "press" section. Please help relocate.

[hl5460]

This is the case revealed on Tuesday's CCTV program.

[Lipe490]

While the top 3 bitcoin exchanges are still being scrutinized by PBOC since January, a recent report of money laundry case via bter has raised concern for regulatory compliance issues in altcoin exchanges.
The author, a lawyer in Beijing, disclosed a case using bitcoin as money laundry tools to stress the importance of AML on bitcoin exchanges and a reminder for authorities of capital flight.
The suspects come from Bingyang, a small city notorious for telecom frauds in Guangxi province. There are constant demands for money laundry. With some self-education online, Xu, the laundry dealer, figured out how to clean money via bitcoin exchanges. Xu managed to hook up with Xiao, who was a committed criminal for a series of telecom crimes. They managed to pull off two jobs, laundering a total of 5.424 million RMB(~790k USD at spot rate) .




http://news.8btc.com/money-laundry-case-raises-concern-over-regulatory-compliance-among-chinese-altcoin-exchanges

China can make bitcoin a very good thing or not. This is getting out of control.

[Xester]

The problem lies not on the lauderer but on the government of China itself. When they allow the exchanges without making some policies on bitcoin at hand, that resulted to cases of money laundering and other issues pertaining bitcoin. But it is no longer a big deal anymore since China through the PBOC has already studying and created some policies as to how they will regulate the exchanges to follow AML conditions and to avoid any problems on bitcoin uses on the future and that includes monitoring bitcoin to combat money laundering.

[hl5460]

While the top 3 bitcoin exchanges are still being scrutinized by PBOC since January, a recent report of money laundry case via bter has raised concern for regulatory compliance issues in altcoin exchanges.
The author, a lawyer in Beijing, disclosed a case using bitcoin as money laundry tools to stress the importance of AML on bitcoin exchanges and a reminder for authorities of capital flight.
The suspects come from Bingyang, a small city notorious for telecom frauds in Guangxi province. There are constant demands for money laundry. With some self-education online, Xu, the laundry dealer, figured out how to clean money via bitcoin exchanges. Xu managed to hook up with Xiao, who was a committed criminal for a series of telecom crimes. They managed to pull off two jobs, laundering a total of 5.424 million RMB(~790k USD at spot rate) .




http://news.8btc.com/money-laundry-case-raises-concern-over-regulatory-compliance-among-chinese-altcoin-exchanges

China can make bitcoin a very good thing or not. This is getting out of control.

Money laundry is a convenient excuse.

[sportis]

--snip--

Money laundry is a convenient excuse.

Of course PBOC, will try to find any cases just to excuse all of hers movements to traders that is, why she wants to regulate the bitcoin and at the same time she is trying to look globally that she is friendly with cryptos and especially with bitcoin.