Daily fraud update: 9th June

Chris Lee

Chinese crypto traders facing freezes and crackdowns

A group of cryptocurrency traders in China say that they are facing bank account freezes.

The traders affected are those using over-the-counter services, which are the primary way of acquiring cryptocurrency in China due to prior targeting of exchanges.

It is understood that the problem is also affecting merchants in the same space.Overall, it is understood that thousands of such accounts have been frozen.

There is no clear picture of why the freezes have happened, though the crypto press is reporting that there are allegations of wider illegitimate activities involving both cryptocurrency and fiat currency.

The incident began on Thursday of last week, when a number of over-the-counter crypto purchasers said that their accounts had previously been frozen.

They were then told that their transactions had been affected by money laundering.

One trader, who said he used to work for a crypto wallet firm, even went public.

He used the chat service Weibo to say that his bank account had been frozen and that the same thing had happened to others.

In his case, he said, the authority in question was the police force of Guangdong province.

The cases are made more complex by the fact that those traders who are affected might not end up facing criminal charges of their own.

It may be the case that they will lose access to their money simply because that money was allegedly tainted by laundering before it reached them.

Exchanges rise up website rankings

Two major cryptocurrency exchanges have risen through the ranks on lists of the most popular investment websites, it has been revealed.

Binance and CoinMarketCap have both succeeded in rising in recent weeks, according a post on Twitter.

Binance is now understood to be receiving 26.1m monthly visits to its website, which affords it the number 22 position in the finance list.

CoinMarketCap was at number 23.

At number 44, meanwhile, was the website blockchain.com, which is a provider of crypto exchange services in its own right.

The figures came from a firm called SimilarWeb, and were posted on Twitter by a user called Nawaz Sulemanji – tweeting as @Coinsmash.

There was some discussion in the crypto press about the reasons why these services in particular, and crypto services in general, seem to be moving up the ranks.

Binance has been hit by claims of embezzlement in recent months – it was accused by a trader of having “misappropriated [their] money for itself”.

Binance denied the allegations though, saying that it had frozen the account in question after being asked to by authorities in South Korea.

However, these figures appear to indicate that the claims have not prevented the firm from rising in the popularity ranks.

Some commentators have also suggested that crypto is becoming increasingly popular due to the coronavirus pandemic.

The consequent uncertainty around traditional economic values, meanwhile, has been suggested as a reason for increased uptake.


Chris Lee

Latest news

NZDUSD Daily – Bears back on the battlefield?
Written on 28/09/2020 by Theunis Kruger, FX Trainer at FXTM NZDUSD on the D1 time-frame was in an extended uptrend until the 18th of September when a higher top was recorded at 0. Read more
EUR/JPY Could Face 124.43 Next, 125.00 Level in Focus
The pair containing the single European currency and the Japanese yen has been in the spotlight for various reasons recently. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Your capital is at risk Founded: 2012 Global Forex Broker
Number One Broker
Best Trading App Visit broker
5
#3 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#5 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8

    Forex Fraud Certified Brokers

    City Index Logo
    Pepperstone
    ATFX Logo
    XM Logo
    VantageFX Small Logo
    Oinvest Small Logo
    IQ Option Logo
    Forex.com Logo
    HYCM Logo
    OctaFX Logo
    Exness Small Logo
    Plus500 Small Logo
    skilling logo
    Oanda Small Logo
    FXTM Logo
    LegacyFX Small Logo
    BlackBull Markets Small Logo