Chinese Court Sentences USDT Money Laundering Duo!

The post Chinese Court Sentences USDT Money Laundering Duo! appeared first on Coinpedia Fintech News

China has made another big move against fraud and gambling gangs, sentencing two principals to six years in prison for their involvement in laundering approximately $300 million in USDT. The defendants, who were found guilty of selling USDT for cash at a low price, then shipped the cash out of the country. This crackdown comes as China continues to tighten controls on the crypto industry, with officials recently calling for a “severe crackdown” on cryptocurrency-related crimes. The country remains wary of virtual currencies, citing concerns over fraud and financial instability.