China's Crackdown Increases Risk for USDT Crypto Investors

On August 21, 2024, China escalated its crackdown on money laundering, causing ripples in the crypto market.

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The crackdown specifically targets USDT traders, impacting transactions exceeding 1 million yuan (US$137,000).

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Authorities in Beijing and Shanghai have already seized over 3 billion yuan ($410 million) in illegal USDT trades.

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Crypto exchanges like Huobi and OKX are under intense scrutiny, raising concerns for investors.

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This move by China could destabilize the USDT market, urging investors to reconsider their strategies.

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