Beijing court sentences five for $166M disguised foreign exchange transactions
Crypto Briefing
Five individuals were sentenced by a Beijing court for illegal $166 million disguised foreign exchange transactions using USDT stablecoins.Summary
A Beijing court has sentenced five individuals for facilitating $166 million in disguised foreign exchange transactions, demonstrating China's heightened enforcement against unauthorized cross-border transfers involving digital assets. The scheme utilized USDT, a stablecoin, specifically to circumvent China's stringent regulations governing RMB conversion and international money movements. This ruling aligns with recent actions by Chinese authorities to reinforce prohibitions against using stablecoins like USDT for payment or currency functions, maintaining tight oversight on all forms of cross-border transactions, both traditional and digital.
(Source：Crypto Briefing)