The first USDT illegal currency exchange case in the country has been pronounced, sounding the compliance alarm for the cryptocurrency circle!

Core of the case

A suspect illegally exchanged USDT for RMB, with a transaction volume reaching 20 million yuan, and was ultimately sentenced. This case clearly states that using USDT for illegal foreign exchange transactions is a criminal offense.

Method of operation

Received RMB through a personal bank card and quickly purchased USDT;

Conducted cross-border "currency flipping" operations, disregarding exchange rate fluctuations, only pursuing transaction speed;

Completed 296 "buy and sell instantly" transactions in a short period, essentially providing illegal foreign exchange exchange for others, bypassing national foreign exchange controls.

Warnings and lessons

Cryptocurrencies are not anonymous: The police used "fund flow penetration tracking" technology to link the USDT address with the bank card, successfully locking down the entire criminal chain.

Cross-border currency exchange is a red line: Any behavior that evades foreign exchange regulation through virtual currency will face severe legal sanctions.

This case marks a new stage in the regulation of illegal financial activities involving virtual currencies, and all practitioners must pay close attention to compliance risks.

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