Regulation

A Beijing court has sentenced five individuals to prison for operating an extensive illegal foreign exchange scheme worth over 1.18 billion yuan (approximately $160 million), using cryptocurrencies — primarily Tether (USDT) — to transfer funds across borders and disguise illicit transactions.

Cross-border crypto network exposed
According to court documents, Lin Jia, along with Lin Chen, Bao, Yi, and Xia, established a network of bank accounts and cards to move large sums of money between clients and an underground money exchange business.
The group converted the received RMB into USDT via multiple Tether accounts, then transferred the assets abroad under the guise of legitimate transactions. Each defendant was found to have facilitated transfers ranging from 149 million to 469 million yuan.
The court concluded that the defendants were fully aware of the illegal nature of their activities and intentionally used cryptocurrency as a cover for unlawful forex operations. All five pleaded guilty and received prison sentences of two to four years. The ruling is final, with no appeals filed.

“Crypto trading is no excuse,” says the court
The Beijing Municipal People’s Procuratorate (BMP) emphasized that this case demonstrates how cryptocurrencies can be exploited for money laundering and cross-border fund transfers — but firmly rejected the defendants’ claim that their actions were simply “crypto trading.”
The court described such arguments as an “unreasonable excuse”, stressing that the defendants acted with full knowledge of their violations of China’s foreign exchange laws.

Investigators trace crypto despite blockchain anonymity
Authorities revealed that the investigation combined traditional forensic analysis with real-time blockchain tracking. By correlating timestamps between bank transactions and blockchain movements, investigators were able to map out a network of Tether wallets used in the operation.
The BMP noted that this case sets a benchmark for future financial crime investigations involving digital assets, integrating bank records, on-chain analytics, and international cooperation into a single evidence framework.

China intensifies crackdown on crypto-related crimes
Prosecutors acknowledged that criminals are becoming increasingly sophisticated, using mixers, privacy tools, and foreign exchanges beyond Chinese jurisdiction. Still, the BMP vowed to pursue these crimes aggressively.
China plans to strengthen legal enforcement against financial offenses involving cryptocurrencies, enhance technological monitoring, and expand cross-border investigative capabilities.
The agency emphasized that even in the era of digital finance, blockchain anonymity offers no shield from the law — and that this ruling will serve as a precedent for similar cases going forward.


#CryptoNews , #CryptoCrime , #china , #USDT , #Regulation

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“Every action you take is a vote for the type of person you wish to become.”

​🩸 Today’s Mood:
🔸 Tension — The system is voting for its own structure. The tension is in the wait for the final count.
​Today’s GENIUS Act Highlights & Trend Impact
Price: N/A (Regulatory Update)
Volume & Market Cap: N/A (Affects global stablecoin market)
​News (or should I say… whispers from the pit?):
​The Regulatory Delay: The U.S. Treasury Department confirmed the extension of the public comment period for the GENIUS Act’s implementation rules until November 4, 2025. This is a bureaucratic bottleneck, not a legislative win.
​The Silent Vote: Every day the comment period remains open is a "vote" by the old system to maintain control over the new. They are meticulously debating the fine print—AML enforcement, oversight boundaries, and global access—ensuring the foundation is theirs, not ours.
​The Ironic Twist: Projects like $USD1 (the Trump-linked stablecoin) gain critical time to cement their market position while the very rules meant to govern them are still being drafted. The chaos of delay profits the swift.
​Final reflection — Clarity is an illusion the system sells. The rulemakers are casting their votes slowly, but your actions in the meantime will determine if you become a regulator, or the regulated.
​So, reader… 🤔
Do you cast your vote now — or wait for the system to cast it for you?
​#GENIUSAct؟ #Regulation #ChaosSignals #GeniusAtc #USGovShutdown
​“Crypto’s not about money… it’s about sending a message.”
— 😈
​💬 Disclaimer:
“This post is for informational and educational purposes only. Not financial advice — just whispers from the chaos, interpreted by a madman with a mirror.”
— 💚🃏