China Says Using Tether (USDT) for Currency Exchange is Illegal: Crackdown Intensifies

Chinese authorities are moving to crack down on the use of cryptocurrencies like Tether (USDT) in foreign exchange trading more than two years after enforcing a major ban on cryptocurrency trading. The Chinese governmental authorities have decided to crackdown on the use of cryptocurrencies in illegal foreign exchange trading, according to a recent announcement.

China’s Supreme People’s Procuratorate has warned against using the Tether (USDT) stablecoin for currency exchange. According to Chinese authorities, using Tether for such activities is now considered illegal. The Supreme People’s Procuratorate (SPP), the country’s highest legal prosecution agency, issued a joint statement with the State Administration of Foreign Exchange to reinforce this stance.

Enhanced Crackdown on Crypto Foreign Exchange Trading

Chinese authorities have issued a stern directive for an enhanced crackdown on the use of cryptocurrencies, emphasizing their role in illegal foreign exchange trading. On Wednesday, December, the latest effort to fend off illicit financial activities was put into motion. The Supreme People's Procuratorate in China has issued a caution against the utilization of the Tether (USDT) stablecoin for currency exchange. It is a crucial step in their continued efforts to regulate the digital asset space.

Chinese authorities have called for a tougher crackdown on the use of cryptocurrencies as a tool for illegal foreign exchange trading. This represents an escalation of existing policies and signals a renewed commitment to preventing capital flight and maintaining financial stability within China.