Police in Inner Mongolia have arrested 63 people in association with a scheme that allegedly laundered 12 billion yuan ($1.7 billion), China News reports.
Led by the Horqin Branch of Tongliao Public Security Bureau, the investigation spanned 17 provinces. One suspect, Zhang Mou, has fled to Bangkok.
China formally barred the use of cryptocurrencies in 2021. Earlier this week, Hong Kong established a new regime to regulate cryptocurrency exchanges.