Chinese police discovered a massive underground banking racket in Chengdu, involving Tether (USDT), worth $1.9 billion, evading China's crypto ban.
Despite China's crypto ban, traders found ways to utilize crypto assets. 193 suspects across 26 provinces arrested in illegal USDT banking scheme, freezing $20 million.
Chinese authorities dismantled operations facilitating illegal currency exchange, using crypto as a medium. Despite bans, traders continue finding ways to evade restrictions.
[
add
]
[
|
|
...
]