Authorities in Hong Kong have made four arrests in what is believed to be the first money laundering case involving the use of cryptocurrencies.
Hong Kong authorities recently arrested four men under suspicion of having used cryptocurrencies to launder HKD$1.2 billion (approx. USD$155 million), according to a report from the South China Morning Post.
According to a statement from Hong Kong customs authorities the men arrested are alleged to have opened multiple bank accounts and then used them for cryptocurrency transactions during the period from February 2020 to May 2021.
Local authorities have yet to mention however the specific cryptocurrencies employed, or the trading platform and bank involved.
The case is reportedly the first in Hong Kong to involve the use of cryptocurrencies for money-laundering purposes.