1/ 🧵 China is now cracking down on the illegal forex scams that make use of the crypto coins. And they are catching up with the underground market and shutting them down.
1/ 🧵 China is now cracking down on the illegal forex scams that make use of the crypto coins. And they are catching up with the underground market and shutting them down.
2/ 🧵 China has cracked down on the RenrenBit which used to do over the counter sales of the tether and the foreign currency. This has made the govt put the company into 7 year sentencing of the CEO.
3/ 🧵 Chinese govt officials are also found trading the crypto and using it to transfer the corruption money among each other through the crypto currency.
4/ 🧵 Check out how Chinese authority is cracking down on the illegal crypto forex scams and the transfers.
https://inleo.io/@esmeesmith/chinese-authority-crackdown-on-illegal-crypto-forex-swaps