Sichuan authorities have dismantled a massive illegal forex operation amounting to 3.9 billion yuan, leading to the arrest of 21 suspects, including individuals named Fan, He, and Chen. The operation, ongoing since August 2021, involved illegal cross-border currency exchanges utilizing cryptocurrencies and gift cards.
This case underscores the increasing regulatory challenges faced by China regarding illegal cross-border crypto activities. Enhanced scrutiny on over-the-counter (OTC) and peer-to-peer (P2P) exchanges is expected as the government intensifies its measures against unlawful capital flight.
Despite the gravity of the situation, there are currently no public statements from any regulatory bodies or prominent crypto leaders, highlighting a stark absence of commentary in this high-profile case.
Full story here: https://coincu.com/338137-sichuan-illegal-crypto-operations