According to ChainCatcher, citing Huaxia Times, the Shanghai Pudong New District People's Court recently disclosed a case involving illegal cross-border foreign exchange using stablecoins. Yang and Xu, among others, used domestic shell company accounts to provide stablecoin services for customers to transfer funds across borders, with illegal foreign exchange transactions amounting to 6.5 billion yuan over three years.
The criminal group used USDT as a medium, providing illegal remittance services to customers through cross-border "counterbalancing". Domestic customers paid RMB to designated accounts, while overseas gangs simultaneously transferred foreign exchange to customers' overseas accounts, typically charging service fees ranging from 1% to 3%.
