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Shenyang Police Crack Down on Bitcoin and USDT Illegal Foreign Exchange Case Worth Over 16 Million RMB

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Shenyang police cracked down on a Bitcoin and USDT illegal foreign exchange case involving over 16 million RMB. Liaoning’s public security acted on U.S. leads, arresting Tong and Chen in Wuhan for money laundering linked to drug trafficking. The pair used wash trading to move crypto across borders, exploiting liquidity and crypto markets. Both received prison terms and fines in September. China has shared the case with U.S. authorities through anti-money laundering channels, reinforcing cooperation on risk-on assets and cross-border financial crimes.
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