{
  "id": 10406993,
  "title": "‘Accomplices’ in espionage: Beijing’s stance on cryptocurrencies hardens",
  "url": "https://urgent.news/2026/09/28/accomplices-in-espionage-beijings-stance-on-cryptocurrencies-hardens",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T09:00:18.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/banking-finance/article/3369048/accomplices-espionage-beijings-stance-cryptocurrencies-hardens"
  },
  "original_language": "en",
  "account": "China's top intelligence and security agency recently issued a warning about the risks associated with cryptocurrencies. According to the Ministry of State Security (MSS), virtual currencies are used in money laundering and cyberattacks, and are not truly anonymous. The agency stated that these transactions serve as \"accomplices\" in espionage, as overseas intelligence agencies attempt to recruit spies by claiming that cryptocurrency transactions are difficult to verify. The MSS emphasized that the anonymity of crypto transactions is a \"false proposition\" and an \"illusion,\" noting that blockchains retain transaction records and exchanges between cryptocurrencies and traditional currencies make identities hard to conceal. The agency also claimed that cryptocurrencies are used by \"overseas anti-China hostile forces\" for activities that disrupt financial order and harm national security. The warning is similar to other recent alerts from Chinese authorities, who have been cracking down on cryptocurrencies. The People's Bank of China, alongside seven other government agencies, reiterated Beijing's strict oversight of crypto activities, expanding the clampdown to tokenization of real-world assets. China banned initial coin offerings and ordered the closure of exchanges in 2017, and later declared all cryptocurrency-related businesses illegal in 2021. Despite this, some economists argue that Beijing's strict crypto ban might be questioned, given that US President Donald Trump aimed to make the country the \"crypto capital of the world.\" However, Beijing has not eased its grip on domestic crypto activity. Andrew Fei, a partner at King & Wood law firm in Hong Kong, believes that the latest MSS warning serves as a reminder that virtual currency trading remains banned in mainland China and carries significant risks for governments worldwide.",
  "summary": "China’s top intelligence and security agency on Monday issued a stark new warning on the risks of cryptocurrencies, highlighting their role in crime and stressing that transactions are not anonymous. Here are three things to know about the fresh warning from the Ministry of State Security (MSS) and China’s latest stance on virtual assets. What did the ministry say about cryptocurrencies? Virtual…",
  "key_points": [
    "Chinese MSS warns cryptocurrencies used in espionage and money laundering",
    "Virtual currencies not truly anonymous, transaction records on blockchain",
    "Ban on crypto activities remains strict despite global crypto trends"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "SCMP Tech",
        "title": "‘Accomplices’ in espionage: Beijing’s stance on cryptocurrencies hardens",
        "url": "https://urgent.news/2026/09/28/accomplices-in-espionage-beijings-stance-on-cryptocurrencies-hardens-10407014",
        "published": "2026-09-28T09:00:18.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}