New Crime Research and Operation Center of Rizhao Public Security Bureau Cracks Down on Illegal Use of Digital Currency

02/23/2023 13:08 • Crypto & Markets • 84 views

On February 23, it was reported that recently, under the command of the Criminal Investigation Bureau of the provincial department, the New Crime Research and Operation Center of Rizhao Public Security Bureau cracked a case of “double supervision” of the provincial department, killed three underground banks that used digital currency USDT as money laundering acceptors, seized 15 suspect in Xuzhou, Jiangsu, Taizhou, Zhejiang, Zhangzhou, Fujian and other places for several consecutive days, detained 6 vehicles, 10 computers, more than 30 mobile phones, and more than 30 million yuan of funds involved in the case.

Rizhao Public Security Bureau cracked down on three underground banks of money laundering acceptors using digital currency USDT, involving more than 30 million yuan

Interpretation of the news:

The Criminal Investigation Bureau of the Provincial Department has recently announced a significant victory in the fight against illegal activities involving digital currencies. Under their command, the New Crime Research and Operation Center of Rizhao Public Security Bureau have cracked a case of “double supervision,” which refers to illegal activities carried out under the supervision of both local and provincial authorities. This operation has resulted in the dismantling of three underground banks that were using digital currency USDT as money laundering acceptors.

The operation has spanned across several cities, including Xuzhou, Jiangsu; Taizhou, Zhejiang; and Zhangzhou, Fujian. Over 15 suspects were arrested over consecutive days, and authorities detained six vehicles, ten computers, more than 30 mobile phones, and confiscated more than 30 million yuan worth of illicit funds involved in the case. By disrupting these money laundering schemes, authorities have successfully prevented the criminal enterprises from accumulating large sums of illegal money that could disrupt local economies.

The announcement of this victory against illegal activities involving digital currencies is significant, as it emphasizes the growing importance and recognition of digital currencies as a means for organized crime to launder illicit funds. The crackdown on these activities shows that law enforcement is becoming increasingly aware of the potential criminal use of digital currencies and is taking concrete steps to prevent illicit activities from occurring.

This operation also highlights the importance of cooperation and coordination between local and provincial authorities, as it was successful in taking down illegal activities that were carried out under the protection of both local and provincial authorities. The double supervision approach makes it particularly challenging for law enforcement to detect and disrupt criminal schemes, but this operation has shown that with proper planning and cooperation, even the most complex cases can be cracked.

In summary, this operation underscores the growing threat of illegal activities involving digital currencies and the increasing importance of law enforcement to prevent these activities from growing. The cooperation between various law enforcement agencies and the use of advanced crime detection and prevention tools such as the New Crime Research and Operation Center of Rizhao Public Security Bureau are essential in the fight against organized crime.

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