according to the website - By Coincu
On July 16, the People's Court of Pudong District in Shanghai concluded the consideration of an important case regarding illegal cross-border cryptocurrency exchanges, the results of which were published on July 20, 2025. The court handed down guilty verdicts to several individuals, including Yan and Xu, for facilitating Tether transactions amounting to 6.5 billion yuan through local shell companies.
"This illegal exchange mechanism separates currency operations that should be under the control of regulatory authorities into two independent operations, thereby evading oversight," said Gao Yunfeng, a senior partner at the Shanghai law firm Jinli.
The Shanghai court is considering the case of Tether transactions amounting to 6.5 billion dollars
Despite the ban on cryptocurrency trading in China, implemented in 2021, this case demonstrates the persistent underground demand for money transfers in stablecoins. The legal proceedings showcase China's ongoing efforts to curb capital outflows in cryptocurrency and ensure strict oversight from regulatory authorities. According to CoinMarketCap, Tether (USDT) is currently valued at $1.00, with a market capitalization of approximately $161.62 billion. Tether's market share is 4.18%. The daily trading volume is $82.73 billion, which is 50.20% lower. The price of Tether remains stable despite widespread publicity.
According to a Coincu study, enforcement measures like those taken against Yan and Xu may serve as a benchmark for future technological and political changes. By tightening regulations, authorities aim to eliminate illegal financial structures associated with cryptocurrencies worldwide.
Current issues of cryptocurrency regulation in China
The global cryptocurrency market is experiencing significant fluctuations, and regulatory measures play a crucial role in shaping its landscape.
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