Hong Kong Customs seizes 300 crypto mining GPUs in anti-smuggling operation
Hong Kong Customs intercepted a large volume of pricey exotic foods, cosmetics and dedicated cryptocurrency mining GPUs in their latest successful anti-smuggling action. In the waters off Hong Kong International Authorities on April 2, Hong Kong Customs detected suspicious figures offloading cartons from a fishing boat to a nearby speedboat. While the men successfully fled, the authorities reportedly detained the fishing vessel and found there a large batch of apparently smuggled goods: everything from dried shark fins and cosmetics to electronics.Notably, among these goods — worth an....
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In a bust that once again reveals the dark side of cryptocurrency usage, the Hong Kong Customs cracked down on a sophisticated money laundering operation, seizing assets and making several arrests. According to the press release by the Hong Kong Government, the operation to bust this money laundering scheme is dubbed “Fencing,” and it particularly […]
Turkey’s biggest bust against crypto mining smugglers resulted in the seizure of $600,000 worth of illegal Bitcoin ASIC miners and the detention of four suspects. Turkish customs enforcements brought down an illegal smuggling operation in what is said to be a record bust against illegal Bitcoin (BTC) mining equipment in the country. After receiving a tip, Turkey’s Customs Protection’s anti-smuggling and intelligence teams raided a warehouse earlier this week in Karabağlar, İzmir, where they found 501 ASIC Bitcoin mining rigs in closed cardboard boxes. Customs enforcement reported the....
According to a South China Morning Post report, Hong Kong customs officers have apprehended three individuals in connection with a massive HK$1.8 billion ($228 million) money-laundering operation that exploited a crypto platform and bank accounts associated with shell companies. The arrests were made following an investigation into suspicious activities involving “abnormally frequent” and large transactions […]
Hong Kong is considering changes to its cryptocurrency regulatory framework, particularly concerning over-the-counter (OTC) virtual asset trading services. The Securities and Futures Commission (SFC) may play a larger role in overseeing the sector, working alongside the Customs and Excise Department (C&ED), according to a recent report from the South China Morning Post. Related Reading: Hong […]
New legislation tailored to regulate the crypto space in Hong Kong aims to implement a licensing regime for crypto service providers. The respective changes to the region’s anti-money laundering (AML) rules have been submitted to its legislature while a recently published report examines relevant threats.
Hong Kong Lawmakers to Review Bill Aligning Crypto Sector With Financial Industry
Amendments designed to govern the cryptocurrency market in Hong Kong have been presented to the members of the Legislative Council of China’s special administrative region. The....