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China Arrests Thousands in Crypto Money Laundering Crackdown
Hodl Topic
March 08, 2025
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📈 Preview On Today’s News:
- China Arrests Thousands in Crypto Money Laundering Crackdown
- Trump Announces Strategic Bitcoin Reserve, Ends Crypto Crackdown
- US Banks Granted Approval to Offer Crypto Custody Services
Keep reading below for more!
Today’s News:
1)
China Arrests Thousands in Crypto Money Laundering Crackdown
China has intensified its crackdown on crypto-related financial crimes, with a report from the Supreme People’s Procuratorate revealing that 3,032 individuals were prosecuted for crypto money laundering in 2024. The crackdown is part of broader efforts to combat financial fraud, which led to the arrest of approximately 25,000 people for various financial crimes, including securities fraud and insider trading. The Chinese government, through multiple agencies such as the People’s Bank of China and financial regulatory bodies, continues to enforce strict prohibitions on cryptocurrency activities rather than adopting a regulatory framework.
China prosecuted 3,032 individuals for crypto money laundering in 2024 as part of a broader financial crime crackdown.
Authorities also arrested around 25,000 people for financial fraud, reinforcing China's strict stance on cryptocurrency-related crimes.
2)
Trump Announces Strategic Bitcoin Reserve, Ends Crypto Crackdown
President Donald Trump has unveiled a major policy shift in U.S. cryptocurrency regulation, announcing the creation of a Strategic Bitcoin Reserve using government-held Bitcoin and pledging not to sell it. Speaking at the Crypto Summit at the White House, Trump criticized the Biden administration’s restrictive stance on digital assets, accusing it of only easing regulations for political gain. He formally ended Operation Chokepoint 2.0, a policy that limited financial services for crypto firms, and directed the SEC to drop lawsuits against major exchanges like Coinbase and Kraken. Additionally, his administration is exploring ways to acquire more Bitcoin without burdening taxpayers, aiming to position the U.S. as a global leader in the crypto space.
Trump launched the Strategic Bitcoin Reserve and pledged the government would not sell its Bitcoin holdings, aiming to strengthen the U.S. crypto market.
He ended Operation Chokepoint 2.0 and pushed the SEC to drop lawsuits against major exchanges, reversing restrictive policies from the Biden administration.
3)
US Banks Granted Approval to Offer Crypto Custody Services
The Office of the Comptroller of the Currency (OCC) has officially permitted national banks in the U.S. to provide custody services for cryptocurrency assets. This landmark decision enhances institutional trust, allowing banks to manage digital assets for customers and compete with crypto exchanges in the custody space. With banks entering the sector, institutional adoption may accelerate as hedge funds and large investors gain access to regulated custody solutions. While this move strengthens crypto’s legitimacy within traditional finance, banks will still need to address compliance challenges, including AML and KYC regulations.
The OCC's approval allows U.S. national banks to offer crypto custody services, increasing security and mainstream adoption.
Institutional investors may find regulated custody services more appealing, but banks must navigate compliance hurdles to ensure secure crypto asset management.
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