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Shanghai Reveals Cross-Border Illegal Forex Case Involving Stablecoins, Involving 6.5 Billion RMB
Summary: According to reports, the Shanghai Pudong New Area People's Court announced a virtual currency illegal forex case that was sentenced in March this year. The case revealed that Yang and Xu, among others, used domestic shell company accounts to provide stablecoins (with Tether as the trading medium) to overseas accounts for unspecified clients, facilitating cross-border ...
According to reports, the Shanghai Pudong New Area People's Court announced a virtual currency illegal forex case that was sentenced in March this year. The case revealed that Yang and Xu, among others, used domestic shell company accounts to provide stablecoins (with Tether as the trading medium) to overseas accounts for unspecified clients, facilitating cross-border fund transfers and generating profits. Over the past three years, the amount involved in illegal forex trading reached 6.5 billion RMB. Yang was responsible for attracting clients and managing forex funds overseas, while Xu managed the corporate accounts of 17 shell companies domestically, with daily fund flows exceeding tens of millions of RMB, showing clear division of labor and close cooperation.
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Link: Shanghai Reveals Cross-Border Illegal Forex Case Involving Stablecoins, Involving 6.5 Billion RMB [Copy]
