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Shanghai announced a case of illegal cross-border foreign exchange using stablecoins, involving an amount of 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, Xu, and others manipulated domestic shell company accounts to provide stablecoin services for clients to achieve cross-border fund transfers, with an illegal forex trading volume of 6.5 billion RMB over three years.

The criminal group used USDT as a medium, using cross-border "matching" to provide illegal exchange services for clients. Domestic clients pay RMB to designated accounts, while overseas groups simultaneously transfer foreign exchange from overseas accounts to clients' overseas accounts, usually charging a fee ranging from 1% to 3%.

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