China Tightens Grip on Illegal Forex & Crypto Operations in Chengdu

Chinese authorities have cracked down on illegal forex and cryptocurrency transactions, arresting 21 suspects in Chengdu linked to over 3.9 billion yuan worth of illicit cross-border deals. The Sichuan Public Security Bureau initiated this operation following a significant increase in financial misconduct since August 2021. The group reportedly utilized social media networks to recruit clients and worked with local forex agents for these transactions. This crackdown, part of China’s wider efforts to combat unauthorized currency trading and virtual currency misuse, indicates the country’s commitment to upholding its legal financial frameworks.