Home
News
Details

Shenyang Police Crack Down on Illegal Forex Trading Involving Bitcoin and USDT

iconKuCoinFlash
Share
Share IconShare IconShare IconShare IconShare IconShare IconCopy
This is the logo of the coin.
BTC
$88,248.60-0.02%
This is the logo of the coin.
USDT
----
Shenyang police cracked down on an illegal forex trading ring involving Bitcoin and USDT, with Tong and others conducting over RMB 16 million in wash trading from 2020 to 2021. Tong admitted to selling crypto to a Mexican buyer for USD cash, targeting students and gamblers. In September 2025, the Huanggu District Court sentenced Tong and Chen to 1 year and 7 months, and 1 year and 4 months, respectively. Authorities urged the public to avoid risk-on assets through unregulated channels and to use legal forex methods. The case highlights the need for better liquidity and crypto markets oversight.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.