Tokyo Police Arrest 7 People for Unregistered Bitcoin Biz
Tokyo, Nov. 10 (Jiji Press)--Tokyo's Metropolitan Police Department has arrested seven people for allegedly running an unregistered business soliciting bitcoin investments while promising high dividends.
The seven, including corporate executive Akira Tamai, 53, are charged with violating the financial instruments and exchange law. Revisions to the law were implemented in May 2020 to position crypto assets as financial products.
The police have not revealed whether the suspects have admitted to the charges.
According to the arrest warrant, they solicited six people in their 20s to 60s across Japan to invest bitcoin in an investment group called Jubilee in June-November 2020.
This was the first crackdown in Japan against investment solicitation involving cryptocurrencies, according to police sources.
[Copyright The Jiji Press, Ltd.]