Caixin: 3,032 people prosecuted for "virtual currency" money laundering crimes in 2024

On December 6, Caixin published an article titled “Building a Firewall Against Virtual Currencies to Safeguard the Public’s Wallets.” The article pointed out that speculation in virtual currencies has recently increased. Building a firewall against virtual currencies requires not only the full cooperation of various departments, but also improvements to relevant regulations, enhanced supervision, strengthened technical monitoring of key areas, and protection of normal economic and trade activities. According to data in the article, in 2024, Chinese authorities prosecuted 3,032 people for using “virtual currencies” to transfer criminal proceeds and other money laundering crimes, some of whom were “dragged into” such activities due to a lack of legal awareness. Scholars analyzed 283 court verdicts involving money laundering crimes using virtual currencies and found that criminal groups frequently exploit marginalized young people with low socioeconomic status as tools for these crimes. There is significant regional clustering, and most have only junior or senior high school education.