Categories: CasinoNews

China seizes $3.8 mil from a crypto gambling operation

China’s officials said in September 2020 that they’re using big data to monitor people who leave the country to gamble. With the exception of the state-run national lottery, all forms of gambling are illegal in the People’s Republic of China. In the Special Administrative Region (SAR) of Macau, there are also commercial casinos. In Macau – Special Administrative Region (SAR), commercial casinos are also open.

China’s police recently raided an allegedly illegal online gambling company focused on the EOS cryptocurrency. According to a published article, 15 suspects were apprehended and over $3.8 million in cryptocurrency was confiscated.

According to The Block, a cryptocurrency news site, the operation was based on the EOS digital gambling app, it used the dApp Biggame. This allowed players to bet on Dice, Texas Hold’em, and other games using EOS smart contracts. Smart contracts were used for the first time in China in an illegal online gaming event.

Yancheng police began investigating the gaming activity in October. The city is located in Jiangsu’s northeastern province. A total of 27 million transactions were examined by authorities. Addresses were discovered. Police raided operations in Guangzhou, Shanghai, Suzhou, and other cities in December. In addition, in China, nearly a hundred suspects have been found guilty in court of laundering money using crypto methods since the fourth quarter of 2020.

Gambling laws are still being enforced in the country. A Hong Kong police officer was among 65 suspects arrested earlier this month during a raid on a suspected illegal gambling establishment in the Kwun Tong neighborhood. South China Morning Post, a regional newspaper says: the officer was one of three alleged operators of an illegal poker room.

First state-backed cryptocurrency

DCEP was announced by the People’s Bank of China (PBoC) in November of last year. DCEP is the first state-backed cryptocurrency in the world. However, it has raised concerns in the West that Beijing is considering creating a cashless society over which it can assert greater influence. The only legal gambling options on the mainland are China’s state-run lotteries. The Welfare Lottery, a conventional lottery draw, as well as sports lotteries, are all included.

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