shanghai

Crackdown in Shanghai: Five Sentenced to Prison Over $29 Million Crypto-Forex Scheme

SHANGHAI — A Shanghai court has handed down prison sentences to five individuals involved in a sophisticated, underground foreign exchange ring that leveraged stablecoins to bypass China's strict capital controls. The operation, which managed to illegally transfer over 210 million yuan ($29 million), highlights the escalating cat-and-mouse game between Chinese regulators and underground networks utilizing digital assets to move money across borders.
The ruling serves as a stark reminder of Beijing's unwavering stance against cryptocurrency-facilitated financial crimes, coming on the heels of the newly tightened regulatory notices aimed at curbing virtual currency risks.

More: https://bitnxt.io/news/crackdown-in-shanghai-five-sentenced-to-prison-over-29-million-crypto-forex-scheme

#Shanghai #Bitnxt

🚨 CHINA MAY HAVE JUST KILLED ITS OWN STOCK MARKET RALLY AGAIN.

📉 Roughly ¥1.44 TRILLION was wiped from Chinese stocks after Beijing launched its most aggressive crackdown yet on cross-border brokerages.

Shanghai Composite: -1.21%
Shenzhen Component: -0.88%

⚠️ Chinese regulators reportedly targeted Futu, Tiger Brokers, and Longbridge — platforms widely used by mainland investors to buy U.S. and Hong Kong stocks.

Mainland users are now reportedly banned from: ▪️ Adding new capital
▪️ Buying new shares

They can only SELL existing positions.

🔥 The bigger issue: China’s economy is actually growing strongly.

▪️ Industrial profits: +18.2%
▪️ GDP growth: 5%

But once again, regulation overpowered fundamentals.

This is the same cycle investors have seen for nearly two decades: Market momentum builds → regulatory crackdown resets everything.

#China #Stocks #Markets #Shanghai #Economy
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