Asia's weekly TOP10 crypto news (Aug 5 to Aug 11)
1. HongKong’s Crypto News This Week 1.1 Hong Kong Customs Cracks Down on Crypto Money Laundering Syndicate link Between 2020 and 2022, the group laundered large sums of overseas funds through multiple shell companies via cryptocurrency transactions. These funds, linked to international criminal activities, were transferred through over 30 accounts at seven different banks, with the largest single transfer amounting to HKD 23 million. The criminal organization then split the funds and transferred them to 180 third-party accounts. They recruited a local man for a monthly payment of HKD 70,000 to process HKD 300 million in illicit funds via cryptocurrency. Customs authorities have frozen approximately HKD 2.2 million in related accounts and seized evidence including phones, computers, bank cards, and documents. 1.2 Johnny Ng: HKSAR Government and Banks Should Relax Restrictions on Banking Services for Crypto and Web3 Companies link Hong Kong Legislative Council member Johnny Ng urged the ...