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China Busts a Crypto-Related Money Laundering Network of 1,100 People

China Busts a Crypto-Related Money Laundering Network of 1,100 People

The Chinese government keeps enforcing its cryptocurrency crackdown campaign as it has arrested over a thousand people who allegedly got engaged in money laundering through cryptos. According to a report from The Times of India, the detained people used profits from different crimes to acquire virtual currencies.

Specifically, the country’s Ministry of Public Security unveiled that it busted a criminal ring of 1,100 people involved in money laundering, who charged clients a fee ranging between 1.5% – 5% to exchange illicit proceeds into cryptos via digital asset exchanges. However, authorities did not disclose the exact amount of money laundered on the scheme or the exchanges used for such transactions.

Also, the Ministry said that most of the illegal profits laundered via cryptocurrencies came from telephone and internet-related scams, according to a statement released on the Ministry of Public Security’s WeCht account. The crackdown comes in the midst of a stricter stance that China has strengthened this year against crypto-related activities such as mining and trading.

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Chinese Crypto Crackdown Keeps Alive

The authorities first banned crypto trading in 2017. However, the latest headlines suggest a broader campaign to taking down all Bitcoin mining operations and enhancing the existing rulings on cryptocurrencies in the Asian giant. In fact, China’s crypto mining industry is one of the biggest ones in the world.

Still, the Chinese government has been on the hunt for mining farms, as on Wednesday, the northwestern province of Qinghai banned crypto-related mining. There are no major details on the significance that such a province means for the industry as of press time. Similarly, in April, the northern region of Inner Mongolia shut down all its crypto mining operations, arguing it did not comply with the energy consumption targets’ standards.

Moreover, the crypto crackdown in China has extended to domestic social media, as several cryptocurrency-related accounts were reportedly blocked on Weibo over the weekend.


UP Fintech Proposes Public Offering of American Depositary Shares

UP Fintech Proposes Public Offering of American Depositary Shares

UP Fintech Holding Limited (NASDAQ: TIGR), a leading Asian online brokerage firm, announced on Monday its intentions to offer and sell 6,500,000 American Depositary Shares (ADSs) – each one representing 15 Class A ordinary shares of the company in an underwritten public offering. According to a press release, the underwriters will have a 30-day option to purchase up to an additional 975,000 ADSs from UP Fintech.

With the ADS offering, the Asian brokerage company seeks to expand its customer base and bolster customer engagement across its multiple services, the announcement says. Moreover, UP Fintech wants to allocate more investment funds in developing products, services, and technology resources to improve its operating efficiency and processes.

“Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Tiger Brokers (NZ) Limited will act as the joint bookrunners for the proposed ADS offering. The proposed ADS offering will be made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the ‘SEC’) and is available on the SEC’s website at, which automatically became effective upon filing,” UP Fintech clarified on its statement.

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Also, the brokerage firm added – following SEC guidelines – that the announcement doesn’t constitute an offer to sell or a solicitation of an offer to buy the securities described above.

Recent Financial Results

Based in Beijing, China, UP Fintech recently published its unaudited first quarter 2021 financial results. According to the report, total revenues were $81.3 million, a 255.5% increase from the Q1 of 2020, and were boosted by solid gains in commissions, interest income, and revenues derived from its corporate business.

“The growth in our corporate businesses accelerated in the first quarter. Market adoption of our ESOP service has been phenomenal; we added 41 clients in the first quarter and now serve 165 in total. On the investment banking side, in the first quarter, we participated in 14 IPOs, of which we underwrote eight,” the company said in a statement at that time.