web story
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.
On August 21, 2024, China escalated its crackdown on money laundering, causing ripples in the crypto market.
The crackdown specifically targets USDT traders, impacting transactions exceeding 1 million yuan (US$137,000).
Authorities in Beijing and Shanghai have already seized over 3 billion yuan ($410 million) in illegal USDT trades.
Crypto exchanges like Huobi and OKX are under intense scrutiny, raising concerns for investors.
This move by China could destabilize the USDT market, urging investors to reconsider their strategies.