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New court rulings help quantify the scale of Tether-based money laundering in China

Quick Take

  • China has convicted nearly 100 people since November 2020 for knowingly using USDT to launder over $30 million through OTC desks.
  • The convictions are part of a broader crackdown on illegal internet-based money-making schemes — one that has had a chilling effect on China’s crypto OTC market. 
China has convicted nearly 100 people since November 2020 for knowingly laundering at least $30 million using USDT purchased from OTC desks.

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