Shenyang police have cracked a cross-border illegal currency exchange case involving Bitcoin, Tether, and other virtual currency trading

According to Xinhua News Agency, a report from the U.S. regarding a Chinese national, Tong XX, suspected of money laundering for drug traffickers has drawn significant attention from our police. To ascertain the truth, the Ministry of Public Security deployed the Liaoning Provincial Public Security Department to conduct verification work and apprehended Tong XX and Chen XX, who attempted to flee the country, on the spot in Wuhan, Hubei. Both have been sentenced to fixed-term imprisonment and fined this September.

It is reported that Tong XX mainly engaged in illegal foreign exchange trading amounting to over 16 million yuan through "matched transactions" using domestic bank cards. In some operations, he instructed domestic personnel to purchase virtual currencies such as Bitcoin and Tether and resell them to foreign individuals in exchange for U.S. dollars. During the investigation, the police also discovered that some criminals were evading U.S. regulations in large cash deposits and withdrawals, as well as virtual currency transactions. Currently, feedback has been provided to the U.S. through the China-U.S. anti-money laundering cooperation communication channels, and a consensus has been reached to strengthen law enforcement cooperation in the field of anti-money laundering.