World Cup: Chinese Police Crack Down on $1.5 Billion Bitcoin Gambling Ring

Chinese police in the city of Guangdong have arrested hundreds of individuals involved in online gambling platforms that facilitated betting with $1.5 billion in cryptocurrencies including bitcoin. A sweeping law enforcement operation involving 21 public security authorities in Guangdong has cracked down on organized football gambling during the ongoing football World Cup, resulting in the arrests of some 540 individuals suspected of organizing online gambling rings. Gambling is illegal under Chinese law and the very act of participating in online gambling or facilitating/opening a gambling platform brings criminal liabilities.

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