In September 2021, the People’s Bank of China declared virtual currency-related business activities as illegal financial activities and warned that it seriously endangers the safety of people’s assets. China’s government banned crypto trading and mining in one of the world’s most remarkable crackdowns on crypto. In parallel with the Chinese crypto ban, the number of companies being set up by Chinese in the UK exploded, as a statistic by Graham Barrow shows.
Graham Barrow (@greybow53) is an internationally recognized expert on UK Companies House and money laundering through UK Companies. He has published many exciting reports about this on his website Hiding in plain sight – my for money launderers (www.grahambarrow.com). It is well known that the UK, with its very lax Companies House rules, makes it very easy for cybercrime activists and money launderers to conduct their activities through UK companies.
The “Chinese Crypto Invasion Statistics” show that after the ban on crypto activities in China in September 2021, Chinese nationals’ number of company formations in the UK tripled in October and November. We do not know whether and how this explosive increase is related to the Chinese crypto ban, we do not know. However, we can reasonably assume that there is causality here. This flexible evasion across continents and jurisdictions shows the problem of cryptocurrencies for governments. Here we see a loss of control by governments!
