Hong Kong Arrests 2 Suspected of Laundering $384M Through Banks and a Crypto Exchange

Customs agents raided a home in the Yau Tong district and arrested a 28-year-old woman and her 21-year-old brother.

AccessTimeIconDec 30, 2021 at 8:28 a.m. UTC
Updated May 11, 2023 at 6:03 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Hong Kong’s Customs and Excise Department arrested two people suspected of laundering about $384 million through personal bank accounts and a cryptocurrency exchange, the agency said in a release dated Tuesday.

  • The two were arrested under the Organized and Serious Crimes Ordinance (OSCO) for “dealing with property known or reasonably believed to represent proceeds of an indictable offense,” or money laundering.
  • The release said the suspects had opened personal accounts from May to November last year at various Hong Kong banks, including virtual banks and a cryptocurrency trading platform. They were accused of engaging in suspected money laundering by dealing with money from unknown sources through bank transfers, cash deposits and cryptocurrency.
  • The woman, 28, and her brother, 21, were arrested in Hong Kong’s Yau Tong district and released on bail pending further investigation. More arrests haven’t been ruled out.
  • Under the OSCO, a person commits an offense if he or she deals with any property knowing or having reasonable grounds to believe that such property in whole or in part directly or indirectly represents any person’s proceeds from an indictable offense. The maximum penalty upon conviction is a $5 million fine and 14 years in prison, and proceeds from the crime are subject to confiscation.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Greg Ahlstrand

Greg Ahlstrand was previously CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.