Chinese Police Bent on Cracking Crypto Gambling Schemes

Jul 14, 2018 at 08:23 Update Date :Jul 14, 2018 at 08:23 UTC

Steadily, cryptocurrencies are becoming a rage in the global gambling market. In China, especially, a lot of these cryptocurrencies are being utilized in sports betting. Another such incident was recently unearthed by the Chinese police when they unburied an illegal betting scheme just this week, proving the growing trend of the digital-asset utilization in the underground betting market.
China is known for an unforgiving cryptocurrency scheme. It did not take them long to determine the exact procedure. Apparently, the platform provided site-owners assistance in hiding the revenue generated through supported cryptocurrency and consequently, they were able to generate heavy profits.

Conforming to a report released by the police department in the Guangdong province, Chinese authorities have confiscated $1.5m worth of cryptocurrency and $750,000 worth of renminbi deposits from various bank accounts.

Additionally, six individuals linked to this gamble have been arrested. As claimed by the sources, the gambling platform processed all these deals within a time period of just eight months.

The accused would likely be facing an inordinate amount of time in jail and would have to shell out hefty amounts of money in the form of fines for their acts against the People’s Republic of China.

However, it has been clearly reported that no customers were affected by any such activities.

The Chinese regulators fail to see any merit in cryptocurrencies. This much has been pretty clear since their banning of all cryptocurrency based trade. Events like these continue to slander the merit of cryptocurrency further and this is absolutely something that the already-weakening industry cannot afford.

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