China arrests over 1100 suspects in crackdown on crypto-related money laundering

“Because cryptocurrencies are anonymous, convenient and global in nature…”

One out of three ain’t bad.

"crackdown on cryptocurrencies" there I fixed it.

China has been very clear in recent weeks and months that is doesn't approve of this sort of thing and promised merely 3 weeks ago to "crack down on bitcoin mining and trading behavior"[0] - unsurprisingly, as libertarian crypto-fantasies aren't really their bag. "Money laundering" is probably just CCP-speak for any unregulated financial activity i.e. all mining. I believe some of the wording in the press release[1] the above statement supports this perspective; note the emphasis on controlling risk - cryptocurrency's volatility is viewed as a security threat.

[0] https://www.wsj.com/articles/china-reconsiders-its-central-r... [1] http://www.gov.cn/xinwen/2021-05/21/content_5610192.htm