According to Ming Pao, Hong Kong police arrested 22 people after dismantling a cross-border crime syndicate that used over-the-counter (OTC) cryptocurrency channels to launder money. Police estimate that the syndicate laundered more than HK$150 million between August and October this year. Investigators found that the group recruited people from mainland China to open bank accounts in Hong Kong, then transferred criminal proceeds through cash withdrawals and OTC shops operated by the syndicate.