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Gambling operators in China use crypto to transfer funds to foreign casinos

According to Liao Jinrong, a senior official at the Ministry of Public Security China, illegal gambling operators use cryptocurrencies to facilitate the transfer of at least 1 trillion yuan ($145.5 billion) worth of funds from China into foreign casinos, every year, a local news source, SCMP reported today. The fact that these gambling gangs transferred funds in crypto, made it difficult for investigators in China to trace the source of the funds, Jinrong, said. According to him, the Ministry worried that these gambling operators would conspire with “foreign powers against China,” which would disrupt China’s economic security. The official did not…

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