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Cointelegraph Magazine: Exploring Asia Express

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.

Australian Federal Police investigating the Changjiang Currency Exchange

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.

Bitget's growing derivatives trading volume year to date.

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.

Ant Insurance allows claimants to verify their application via blockchain (WeChat)

Author Information

Zhiyuan Sun

Zhiyuan Sun is a journalist focusing on technology-related news.

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