Song Shijie Loses $27.5M in Cross-Border Asset Seizure: Implications for Global Crypto Trading

A high-profile figure in China’s offshore financial sector, Song Shijie, has been forced to relinquish a staggering $27.5 million in assets due to legal allegations of money laundering and crypto scams. This case highlights the increasing regulatory scrutiny facing international OTC trading practices, particularly as authorities from both the UK and US have seized property and frozen cryptocurrency accounts. The consequences are being felt across global compliance networks and crypto trading platforms as Song’s actions are seen as a warning sign for those engaging in risky or illicit activity.