China Busts $1.9 Billion Underground Bank Operation Using USDT

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An underground bank operation in China was busted for using USDT for foreign currency exchanges involving transactions worth $1.9 billion. The underground operations began on January 21, primarily to smuggle medicine, cosmetics, and investment assets overseas. Authorities destroyed the underground operations in Fujian and Hunan, and the police froze $20 million linked to the operations. Despite the ban on using cryptocurrencies and crypto exchanges in China, some individuals have found ways to evade it and utilize crypto assets in alternative ways over the years.