Yesterday, news emerged that senior executives of certain offshore cryptocurrency exchanges were detained by Chinese police in China. The reason cited for the development was related to Chinese anti-money laundering and anti-gambling efforts.
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The initial report came from crypto journalist WuBlockchain. Although the name of one of the crypto money exchanges was not disclosed initially, it was later claimed to be Huobi.
Additionally, some Tron developers were said to be among those detained. The allegations were made by cryptocurrency developer Adam Cochran.
WuBlockchain, the first to report the detention news in China, confirmed that some executives of Huobi and Tron are currently under investigation.
According to Adam Cochran, incidents like these happen frequently in China, and the impact on Huobi and Tron should be minimal.
He mentioned that investigations of offshore exchanges are common, and many of these exchanges are founded in Singapore. Cochran believes that the real reason behind these investigations is that the local government in China lacks funding and is looking for crypto companies not protected by Chinese law to raise money.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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