Shanghai Authorities Uncover $6.5 Billion USDT Stablecoin Scheme
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最新报道：Shanghai authorities have uncovered a major underground banking operation involving over 6.5 billion USDT in illegal foreign exchange transactions. The scheme allegedly used stablecoins to bypass China's strict capital controls, converting yuan to USDT and then to foreign currencies through overseas platforms. Police arrested multiple suspects who reportedly operated the network since 2021, using cryptocurrency exchanges and over-the-counter trading desks to facilitate the transactions. This crackdown represents one of China's largest enforcement actions against crypto-related financial crimes, highlighting ongoing regulatory scrutiny of digital assets despite the country's blanket ban on cryptocurrency trading since 2021.
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