Shanghai announces a case of illegal cross-border currency exchange using stablecoins, involving 6.5 billion yuan

On July 20th, according to the China Times, the Shanghai Pudong New Area People's Court recently announced a case of illegal cross-border exchange using stablecoins. Yang Mou, Xu Mou, and others manipulated domestic shell company accounts to provide customers with stablecoin services to achieve cross-border transfer of funds, with illegal foreign exchange trading amounting to 6.50 billion yuan in three years. The criminal gang used $USDT as a medium and adopted a cross-border "matched trading" method to provide customers with illegal exchange services. The specific operation is: domestic customers pay RMB to a designated account, and the overseas gang synchronously transfers foreign exchange from overseas accounts to the customer's overseas account, usually charging a handling fee of 1% to 3%. [TechFlow TechFlow]