Former Beijing Financial Official Sentenced to 11 Years for Bitcoin Money Laundering and Bribery

On February 8th, COINOTAG reported significant developments in China’s regulatory landscape as Hao Gang, former Deputy Director of the Beijing Local Financial Supervision and Administration Bureau, was sentenced to eleven years in prison. This ruling stems from his involvement in facilitating Bitcoin money laundering and assisting a prominent executive in a leading mining firm to bypass border controls. The case highlights the Chinese government’s ongoing crackdown on illicit cryptocurrency activities. The Beijing Second Intermediate People’s Court delivered a substantial sentence, comprising eight years for bribery with an associated fine of RMB 500,000, alongside four years for money laundering and an additional penalty of RMB 800,000. In total, Hao Gang faces a compounded prison term and fines amounting to RMB 1.3 million. Furthermore, all illegal gains from his activities are to be confiscated and allocated to the national treasury, marking a stern stance against corruption and financial crime within the crypto sector.