According to local media, CBEX will manage the sale of seized crypto acts using adjustable platforms in Hong Kong, which undergo strict inspections for compliance with the rules for combating money laundering (AML). CBEX will appoint third -party agencies for the sale of assets on these exchanges, and the earned money will be converted to Yuan.
Agencies selected by CBEX will also have to provide a deposit of 110% of the value of assets for sale. At the same time, all transactions must be completely documented and executed within 24 hours. Beijing police did not specify which exchanges will be used to sell confiscated cryptocurrencies. Now in Hong Kong there are 10 licensed exchanges.
In mainland China, there is a strict ban on the trade in cryptocurrencies, which complicates transactions with crypto actures taken by law enforcement agencies. The cost of these digital assets can be billions of dollars. Therefore, the authorities of mainland China first outlined the procedure for the disposal of confiscated cryptocurrencies.
Earlier, the founder of the analytical platform of Cryptoquant Ki Young Ju (Ki Young Ju) suggested that the Chinese authorities had already sold 194,000 bitcoins confiscated in the Pluustoken pyramid in 2019. These bitcoins were sent to cryptomixers, and then to Chinese crypto -rhizas, Ki Young Ju recalled.
Source: Bits
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