Law Enforcement Agencies in China are conducting nationwide operations in cracking down trades of Tether. Arrest 77 and shut down 3 websites.
The latest reports from China suggest that Chinese law enforcement agencies are conducting nationwide operations against the trading of Tether (USDT). The operation is backed by The Peoples’ Bank of China as well.
As per the latest news, at least 77 individuals have been arrested by law enforcement agencies. These men were alleged to have been involved in USTD trading. Similarly, three websites that were involved in carrying out gambling based on USDT were also taken down by Authorities. The Authorities alleged that these websites were whitewashing the laundered money through USDT stablecoin.
PBoC’s office in Huizhou alleged on WeChat that almost 120 million Yuan (i.e. US$ 17.95 Million) was laundered through USDT. The arrested suspects earned this money by taking part in gambling which was illegal as per law, told the Authorities.
Earlier in July, Chinese law enforcement agencies had captured certain individuals which were reported to be over-the-counter traders (OTCs). These persons were arrested for obtaining information regarding the ongoing investigation by the Chinese Authorities.
The Authorities told that for long they were conducting the investigation but still the culprits remained at large. However, the recent operation was successful as a large number of wrongdoers were apprehended. They were hurting the economy of the state by indulging in illegal gambling and thereafter whitewashing them, informed Authorities.
PBoC office also told that arrest of 77 individuals and the shutting down of websites will send a clear warning. If they are not stopped then they too will be tracked down and taken into custody. No compensation will be offered to the culprits, PBoC categorically stated.
A warning was later on issued by PBoC. The warning suggested that as per the law of the state no one is allowed to open casinos. Nor can anyone take part in any online gambling which is barred by the law.
So, anyone who still feels that he can go against the law, he is warned that he will be arrested. No one can sneak up on the highly supervised crime control authorities of the state, informed PBoC’s office.