China announces crackdown on illicit crypto exchanges
Authorities in China, spearheaded by the State Administration of Foreign Exchange (SAFE), recently executed a robust crackdown on an underground bank involved in illicit crypto-based exchange services. This targeted operation, spanning 17 provinces, intricately utilized over 1,000 bank accounts to facilitate transactions totaling a staggering 15.8 billion yuan, equivalent to approximately $2.2 billion. Illegal exchanges…