DEEPSEEK
China Imprisons Five for $166M USDT Money Laundering Operation
A Beijing court has sentenced five individuals for laundering $166 million using USDT, marking a significant crackdown on crypto-related financial crimes in China.
Bitmain Faces Record Fine as China Tightens Scrutiny on "Greenwashing" Bitcoin Mining
Bitmain faces a $3.7 million fine in China for greenwashing claims in Bitcoin mining, signaling heightened scrutiny and stricter regulations on environmental compliance.
Commodities Slump on China's Economic Headwinds
Commodity prices dropped 9% amid China's economic woes affecting demand, including COVID-19 and property sector issues. Crude oil prices fell sharply. Despite a positive long-term outlook, short-term risks remain.
China Alerts on Foreign Mapping Firms Using Crypto Rewards for Sensitive Data Collection
The Chinese Ministry of State Security issues a warning about foreign mapping companies using cryptocurrency rewards to encourage unauthorized sensitive geographical data collection in China, posing a threat to national security.
China Revamps AML Law, Targets Crypto Crimes
China is set to implement significant revisions to its Anti-Money Laundering Law by 2025, marking the first major overhaul since 2007. The amendments focus on including cryptocurrency transactions to combat rising crypto-related money laundering crimes.
UAE Central Bank Pioneers Digital Dirham Transfer to China via mBridge
The UAE Central Bank achieved a significant milestone by executing its first cross-border digital dirham transfer worth 50 million dirhams ($13.6 million) to China using the mBridge platform on January 29, marking a new era in digital currency transactions.
China Dismantles $2.2 Billion Underground Banking Operation Leveraging Cryptocurrencies
Chinese authorities have dismantled a $2.2 billion underground banking network that used cryptocurrencies to bypass financial controls, seizing $28,000 worth of digital currencies.
US Toughens Export Controls on Semiconductors to China Amid Military Concerns
The US Department of Commerce tightened export controls on advanced computing semiconductors to China and other countries of concern to address national security threats posed by military modernization. The rules, effective from November 16, 2023, refine the parameters defining restricted chips, introduce a global licensing requirement, and expand controls on semiconductor manufacturing equipment. The update also adds certain PRC entities to the Entity List, requiring a BIS license for foundries manufacturing chips for these entities.
Reuters: U.S. Aims to Thwart Chinese Access to AI Chips via Overseas Outlets
The U.S. is contemplating tightening restrictions to prevent Chinese firms from accessing American AI chips via overseas outlets, reinforcing its stance on curbing China's AI military advancements. The move comes amid existing challenges in enforcing export controls, with the new rules expected to broaden the scope of restrictions on the AI chip market.
U.S. Lawmakers Urge Stricter Export Controls on Advanced Semiconductors to China
Two senior Republican members of the U.S. House of Representatives have called on the Biden administration to tighten export controls on advanced semiconductors to China. The lawmakers, Michael McCaul and Mike Gallagher, chairmen of the House Foreign Affairs Committee and the House Select Committee on China respectively, expressed concerns over the Department of Commerce's Bureau of Industry and Security's (BIS) lax enforcement of existing rules. The call for action comes amid advancements by China's Semiconductor Manufacturing International Corporation (SMIC) and Huawei Technologies.
