Our weekly roundup of news from East Asia curates the industry’s most important developments.
Largest money laundering scandal in Australia unravels
- Changjiang Currency Exchange, a money transmitter business based in Australia, has been busted in a 230 million Aussie dollar ($145 million) money laundering scandal.
- A 300-strong police operation arrested seven individuals after a 14-month investigation.
- The currency exchange business helped launder dirty funds and tainted cryptocurrency from investment scams and unregistered crypto exchanges.
- Police have seized AU$21 million ($13.27 million) in cash and various luxury items believed to have been purchased using proceeds of crime.
The investigation began after law enforcement officials noticed irregular traffic at Changjiang kiosks across Australia during a time of strict COVID-19-related lockdowns.
Bitget’s colorful Q3
- Crypto derivatives exchange Bitget has risen to become the fourth-largest by volume.
- During Q3 2023, the exchange onboarded over 9,000 traders and achieved a net trading profit of $6.7 million.
- Bitget’s user protection fund peaked at $368 million and now stands at $350 million.
- The exchange launched a $100 million EmpowerX Fund dedicated to ecosystem development and hosted a namesake summit in Singapore.
China partially lifts bans on NFTs
- Xianyu, Alibaba’s flagship peer-to-peer marketplace, has removed its censorship of NFT-related keywords in its search tool and relisted Topnod NFT collectibles minted on Alibaba’s Ant Blockchain.
- Last December, the Chinese government announced plans to launch an official NFT trading platform, which is still in development.
- Since 2021, China has officially banned almost all crypto-related activity except outright ownership of cryptocurrencies.
Blockchain connects interprovincial health insurance in China
- Residents of Shanghai, Zhejiang, Jiangsu, and Anhui provinces can now submit and validate their health insurance claims using blockchain technology.
- In partnership with Alibaba’s Ant Insurance, users can receive their reimbursement within hours after blockchain verification.
- The platform has processed over 2.25 billion medical claims and improved information sharing between insurance providers and medical professionals.
Huaian uses blockchain to improve surveillance
- The Jianpu People’s Court in Huaian is leveraging AI recognition, big data, and blockchain technology for law enforcement surveillance.
- A system for monitoring visitors entering and leaving court premises has been created to alert court bailiffs of any unauthorized trespassing.
- The system can reduce the need for patrolling hard-to-monitor areas and enhance resolution through augmented reality.