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China arrests over 1,100 suspects in crackdown on crypto-related money laundering

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SHANGHAI (Reuters) – Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said.

The arrests came as authorities in China step up their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China’s cabinet, vowed to clamp down on bitcoin mining and trading.

The public security ministry said that by Wednesday afternoon police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money.

The money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges, the ministry said via its official Wechat account.

China’s Payment & Clearing Association said on Wednesday that the number of crimes involving the use of virtual currencies is on the rise.

Because cryptocurrencies are anonymous, convenient and global in nature, “they have increasingly become an important channel for cross-border money laundering,” the association said in a statement.

Cryptocurrencies have already become a popular means of payment in illegal gambling activities. Nearly 13% of gambling sites support the use of virtual currencies, and blockchain technology has made it more difficult for authorities to track the money, according to the association.

(Reporting by Samuel Shen in SHANGHAI and Alun John in HONG KONG; Editing by Simon Cameron-Moore)

Image Credit: Reuters

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Source: https://datafloq.com/read/china-arrests-1100-suspects-crackdown-crypto-related-money-laundering/15321

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Implementing LSTM for Human Activity Recognition using Smartphone Accelerometer data

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Implementing LSTM for Human Activity Recognition






















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Source: https://www.analyticsvidhya.com/blog/2021/07/implementing-lstm-for-human-activity-recognition-using-smartphone-accelerometer-data/

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Plunging into Deep Learning carrying a red wine

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Deep Learning |Plunging into Deep Learning carrying a red wine





















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Cook the data for your Machine Learning Algorithm

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Data Pre-Processing | Cook the data for your Machine Learning Algorithm





















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Source: https://www.analyticsvidhya.com/blog/2021/07/cook-the-data-for-your-machine-learning-algorithm-data-pre-processing/

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China regulator bars Tencent from exclusive rights in online music

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SHANGHAI (Reuters) – China’s market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.

The Chinese government has been stepping up antitrust actions in recent months against the country’s large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.

Tencent and Tencent Music Entertainment Group, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.

The State Administration Of Market Regulation (SAMR) said it had investigated Tencent’s activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.

Reuters reported in mid-July that the antitrust regulator would order Tencent’s music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.

Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.

SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.

The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).

Earlier this month, the regulator said it would block Tencent’s plan to merge the country’s top two videogame streaming sites, Huya and DouYu , on antitrust grounds.

($1 = 6.4808 Chinese yuan renminbi)

(Reporting by Engen Tham and Zoey Zhang in Shanghai; Editing by Edmund Klamann)

Image Credit: Reuters

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Source: https://datafloq.com/read/china-regulator-bars-tencent-exclusive-rights-online-music/16600

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