Chinese Authorities Dismantle Forex Crime Network Using USDT, Focus Shifts Towards Regulations

In a significant crackdown targeting illegal forex operations in Putian City, Chinese authorities dismantled a network using Tether’s stablecoin, USDT. The operation yielded ¥13.3 billion in transactions, largely transacted through USDT and utilized for illicit activities like money laundering. This case highlights the ongoing regulatory challenges posed by stablecoins and the need for stricter oversight.