illegal usdt exchange case

Key Points:* Leshan Court convicts Wan Mouyuan for illegal USDT exchanges in China.

• Over 234 million yuan involved in the USDT exchange scheme.
• Judicial decision strengthens crypto crime enforcement in China. The Leshan Intermediate People’s Court sentenced Wan Mouyuan to over 13 years for illegal foreign exchange trading using USDT, involving more than 234 million yuan, setting legal precedents.

This case emphasizes heightened scrutiny and legal action against crypto-related financial crimes in China, reinforcing regulatory clarity and impacting cryptocurrency market stability.

Leshan Court Convicts Major Crypto Offender

Leshan Intermediate Court’s decision to convict several individuals, including principal offender Wan Mouyuan, highlights the court’s focus on illegal foreign exchange via USDT. The scheme involving RMB, USDT, and USD amounted to over 234 million yuan.

The case involving over 234 million yuan in illegal foreign exchange activities is noted for clarifying the legal stance on crypto-related financial crimes in China.

The case involving over 234 million yuan in illegal foreign exchange activities is noted for clarifying the legal stance on crypto-related financial crimes in China.

While market reactions have been limited, this case aligns with China’s aggressive crackdown on crypto-facilitated financial crimes. Official statements emphasize the growing importance of legal conformity in cryptocurrency operations.

USDT’s Role in Illicit Transactions Under Scrutiny

Did you know? The use of USDT in illegal cross-border transactions has previously led to numerous financial crime convictions, underlining its role in facilitating swift fund transfers outside traditional banking.

Based on CoinMarketCap data, Tether USDt (USDT) remains steady at $1.00 with a market cap of 163.80 billion. Despite minimal fluctuations over the past months, USDT’s 24-hour trading volume reached 110.46 billion USD.

Tether USDt(USDT), daily chart, screenshot on CoinMarketCap at 09:02 UTC on July 30, 2025. Source: CoinMarketCap Coincu’s research team notes, using USDT in illicit schemes illustrates significant regulatory challenges. Heightened legal scrutiny might prompt countermeasures by traders, increasing the need for multinational financial agreements.

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