News+

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.

Subscribe to The Block News+ to
Unlock this Feature

Choose Your Plan

Save $ vs. paying monthly

Annual

$
per year
Join Now

Monthly

$
per month
Join Now

Questions?

If you want to know more about what you get with a Membership, or you need help convincing your manager, we got you covered. You can find the details and learn more about the benefits by clicking the link below.

Related Reading

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post
More