China Jails Five for $166M Crypto Money Laundering Scheme

A Beijing court has sentenced five individuals to prison terms ranging from two to four years for operating an illegal foreign exchange operation that moved over $166 million through crypto channels As regulators described, this marks one of China’s most significant prosecutions of crypto-enabled financial crime, as authorities intensify their crackdown on digital asset activity. The case, unveiled at the 2025 Financial Street Forum Annual Meeting on October 28, particularly shows Beijing’s growing sophi ...