Shanghai announced a case of illegal cross-border cryptocurrency trading involving stablecoins, with a total amount of up to 6.5 billion yuan.

On July 16, the People's Court of the New Pudong Area ( Shanghai ) announced a case of illegal cryptocurrency exchange, sentencing in March. From 2020 to 2023, defendants such as Duong and Tu operated 17 domestic shell companies to provide cross-border remittance services using USDT for unidentified clients abroad. The total value of the illegal transactions amounted to 6.5 billion yuan. Duong was responsible for finding clients and coordinating foreign currency overseas, while Tu managed a cash flow of over 10 million yuan per day.

At the end of 2023, a citizen of Shanghai named Tran used this service to transfer money to his daughter abroad, circumventing the foreign exchange limit of 50,000 USD/year. The gang charged a percentage fee, operating under the guise of "collecting and paying on behalf of" to conceal their illegal activities.