Hong Kong police busted a cross-border money laundering ring suspected of laundering HK$150 million through cryptocurrency exchanges.

on November 12, according to Hong Kong's Ming Pao, Hong Kong police dismantled a cross-border money laundering syndicate. The group is suspected of recruiting mainland personnel to travel to Hong Kong to open shell bank accounts and using cryptocurrency over-the-counter (OTC) exchanges to disguise money laundering activities. Police estimate that the group laundered over HKD 150 million in illicit funds between August and October this year alone.

Police investigations revealed that the group arranged for individuals to use multiple bank accounts to receive criminal proceeds, withdraw cash via ATMs of various banks, and finally transfer the funds to retail outlets operated by the group's ringleaders, which were disguised as cryptocurrency OTC exchanges, to launder money through cryptocurrency trading and other means.

During the operation, police arrested a total of 22 individuals, including two Hong Kong residents and 20 mainland nationals, and seized over 1,600 bank cards, approximately HKD 5.85 million in cash, and more than 200 mobile phones.