Police in Osaka, Japan arrest three suspects in laundering billions of yen in stablecoins

According to Japan's Kyodo News Agency, Osaka Prefecture police arrested three men on suspicion of violating the Organized Crime Punishment Act because they were laundering funds obtained from crime for an investment fraud gang. Allegedly, the three men exchanged approximately 14 million yen in funds from a total of 10 victims in six prefectures into cryptocurrencies and other cryptocurrencies, thereby concealing the source of the funds. According to Osaka Prefecture police, the three men belong to "on-site diplomatic merchants" who conduct cryptocurrency transactions between individuals without using trading platforms, and are believed to have participated in billions of yen money laundering activities.