China Bans People from Using USDT

China warns that using Tether (USDT) as an intermediary in foreign exchange transactions is a violation of the law.

China Bans People From Using Usdt_65b97dba3707d.webp

Recently, China’s Supreme People’s Procuracy (SPP) and the State Administration of Foreign Exchange (SAFE) issued a public warning, emphasizing that the use of Tether (USDT) as an intermediary tool in transactions between Renminbi and other foreign currencies are not suitable.

According to the announcement, using USDT in exchanges is considered a violation of the law. At the same time, China’s two leading regulatory agencies have also declared that all activities related to cryptocurrency trading with the Yuan are completely illegal. This includes indirect participation, such as technical support or provision of exchange services.

china bans people from using usdt 65b97dba3c694

Notice from Chinese regulatory agency

China has imposed a total ban on all cryptocurrency-related activities and banned foreign cryptocurrency exchanges from providing services to users in the country.

Since 2021, China has taken many law enforcement measures against cryptocurrencies. In one specific case in August 2023, a citizen was sentenced to 9 months in prison for purchasing USDT worth 94,988 Yuan (13,067 USD).

Related: China’s Unexpected NFT Move Amid Hong Kong’s Launch of $15 Million Bitcoin Fund

At the end of December 2023, the Chinese Court sentenced China’s “OTC king” – Zhao Dong, founder of RenrenBit, an OTC trading agent, to 7 years in prison and 2.3 million Yuan currency for facilitating exchange transactions between cryptocurrencies and Yuan.

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

How To Participate In The Midas Airdrop On Telegram

Airdrops | Editor Choice

How to participate in the Midas Airdrop on Telegram

Guide to Participating in the Midas Airdrop on Telegram, a RWA project that has successfully raised $8.75 million in a funding round.

Guide To Participating In The Espresso Airdrop

Editor Choice | Airdrops

Guide to Participating in the Espresso Airdrop

Guide to Participating in the Espresso Airdrop, which has successfully raised $60 million and is currently launching the Kyoto 2.0 testnet program.

Guide To Participating In The Verda Airdrop (listing In October)

Airdrops | Editor Choice

Guide to Participating in the Verda Airdrop (Listing in October)

Guide to Participating in the Verda Airdrop, Verda City will conduct KYC for all users in September, and in October, they will list the $VERDA token. Join the $VERDA mining today!

How To Participate In The Mythical Games Airdrop

Airdrops | Editor Choice

How to participate in the Mythical Games Airdrop

Guide to Participating in the Mythical Games Airdrop, a renowned gaming project that has successfully raised $297 million. They are currently running the Mythical Forest campaign with a total prize pool of 2 million MYTH.

Azcnews Floki Eases Short Term Gains Following Short Selling

News | Altcoin | Editor Choice | Memecoin

FLOKI Eases Short-Term Gains Following Short Selling

FLOKI faces the potential for a significant decline in the near future. Buying pressure appears nonexistent as market participants remain wary of further volatility.