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Caixin: The son of a former official from the Wuhan Supervisory Commission laundered over 64 million Hong Kong dollars in Hong Kong, claiming that part of the funds came from selling Bitcoin

According to Caixin, Xiao Rui, the son of former Wuhan Municipal Supervisory Commission member Xiao Jun, is suspected of receiving approximately HKD 4.72 million in bribes from mainland construction contractors on behalf of his father, and has laundered over HKD 64 million through underground money houses. On June 23, the Hong Kong Regional Court found Xiao Rui guilty of four counts of "money laundering" and one count of "using a false document," with the judge set to announce the sentence on July 23.In 2014, Xiao Rui was approved to reside in Hong Kong. That same year, he used his HSBC account to purchase two funds from Sun Life Financial for HKD 10 million to meet the investment requirements of the aforementioned immigration plan. Between January 2016 and September 2017, Xiao Rui's Standard Chartered and DBS accounts received multiple remittances, totaling over HKD 54 million.Regarding the "money laundering" charges, Xiao Rui argued in court that the large sums involved were legitimate earnings from his mother's business, given to him for investment in Hong Kong, with some funds also coming from the sale of Bitcoin. Concerning the explanation about Bitcoin, the judge rejected his testimony as Xiao Rui could not provide any basic records such as transaction dates, numbers, or wallet addresses.

Reuters: Binance says it will not exit Europe and will seek other EU operating licenses

According to a report by Reuters, Binance's head for Europe and the UK, Gillian Lynch, stated that despite setbacks in its attempt to apply for a European Union cryptocurrency operating license in Greece, Binance still plans to remain in the EU and will seek to obtain local operating permits again.Lynch said, "Binance will not leave Europe." She mentioned that Binance may just need to obtain authorization through different paths, and if not in Greece, the company will look for other alternatives. Binance currently has only one week left before its existing European operating license expires, and if it cannot obtain a new license, it may need to gradually shut down its EU operations.Two informed sources said that Binance had communicated with regulators in Ireland, Latvia, and Greece, but faced resistance in all three countries. The sources indicated that regulatory officials were concerned about Binance's past penalties related to money laundering issues, its complex international structure, and what they perceive as a risk-seeking culture. Lynch stated that Binance is unclear why it was not approved, as it previously believed that the Greek regulators planned to issue licenses.She also mentioned that Binance has contacted four or five regulatory agencies but only submitted a formal application to Greece. Regarding Binance's past issues, Lynch stated that the company has invested in compliance and internal controls, hiring about 1,500 compliance personnel, and claimed that there are no unresolved issues with its license application.
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