If cryptocurrencies are used to settle the proceeds of fraud, anyone assisting with the cryptocurrency might also be committing a crime in China. That’s according to an article published today by China’s People’s Court newspaper.
The seriousness of the crime depends on timing and how much they knew. For example, if the crypto provider knew in advance of the intent to commit fraud, they become an accomplice. They don’t need to be in collusion, which would involve participating in planning the fraud. They just need advance knowledge.
In most cases, the crypto provider is involved after the fact. This means there are three potential criminal paths. If they just handle the proceeds of fraud without forming an intentional relationship with the fraudster, they could be guilty of covering up and concealing criminal proceeds.
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