The Electronic Investigation Team of the Criminal Bureau in Taiwan disrupted an alleged largest cryptocurrency money laundering scheme.

The operation processed an estimated $US320 million in transactions using the digital token USDT, marking it as the largest single case crypto-related money laundering in the country's history.

Authorities also confiscated $US647 in cash, along with laptops, financial cards, and other pieces of evidence.

The suspect, identified by the surname Qiu, was arrested in June upon his return from a trip to Southeast Asia, according to reports from Taichung’s Criminal Investigation Bureau and local media.

The case originated from an investigation that commenced last year into a counterfeit securities trading app. The probe led authorities to track financial transactions, ultimately revealing Qiu’s alleged involvement in the scheme, as revealed by Blockworks.

Taiwan has been tightening its anti-money laundering regulations for cryptocurrencies in the past months.

Taiwan’s Financial Supervisory Commission (FSC) took action in July, issuing a letter to the banking industry that prohibited individuals from purchasing digital assets using credit cards.

The regulator labeled digital assets as highly volatile and speculative while specifying that credit cards should not be utilised for transactions related to gambling, stocks, and derivatives.