According to a China News Service story on Weixin, six individuals were detained by Chinese police for utilising cryptocurrencies to facilitate an illicit currency conversion business that handled about 2.14 billion yuan ($296 million). According to the state-run news agency, the “underground bank” was discovered by Panshi City, Jilin’s Public Security Bureau.
The operation exchanged South Korean won for yuan using domestic accounts, taking advantage of the anonymous and international nature of over-the-counter virtual currency trading.
According to the research, users included import/export businesses, e-commerce corporations, and Korean purchasing brokers.