Published on september 20, 2024, 12:29 am
Image source: Fox News
```json [ { "TLDR": "Ten individuals in Gansu, China, were sentenced for running a USDT laundering scheme. Led by Shen, the group laundered $168,000 from online scams. China maintains strict crypto stance despite ongoing rumors. Bhutan's Bitcoin holdings reach $830 million. Cambodia resists US sanctions on Ly Yong Phat linked to crypto labor schemes." } ] ```
Our weekly roundup of news from Asia brings to light the recent sentencing of ten individuals in Gansu province, China, involved in a Tether (USDT) laundering scheme. The defendants received prison terms ranging from 10 months to one year for their involvement in the illicit activity, which saw over $168,000 (1.2 million yuan) in gains seized by authorities.
Led by an individual known as Shen, the operation oversaw a USDT trading studio that laundered crypto proceeds originating from online gambling and telecom scams. Operating since early 2022, Shen and his associates profited by converting illegal crypto into fiat currency at inflated exchange rates.
The group set up a trading platform on Telegram where they conducted over-the-counter deals in USDT. Court documents revealed that the operation netted over $124,000 (880,000 yuan), yet it’s estimated that their actions facilitated the theft of upwards of $834,000 (5.9 million yuan) from victims.
This incident underscores China’s ongoing stringent stance towards cryptocurrencies despite rumors hinting at a lift on the trading ban in late 2024. In August, the Supreme People’s Court amended money laundering laws to encompass virtual assets for the first time.
In other news from Asia, Bhutan’s Bitcoin holdings have surged past $830 million following a recent price rally. With over 13,000 BTC valued at approximately $832.7 million held by Bhutan’s government as of September 19th.
Additionally, Cambodia has pushed back against US sanctions targeting Ly Yong Phat due to allegations of involvement in cryptocurrency-related forced labor schemes. The move was labeled politically motivated with Cambodia emphasizing collaboration efforts to combat human trafficking and cross-border crypto crimes.
These instances highlight both the challenges and opportunities facing the cryptocurrency landscape across Asia as governments grapple with regulation and enforcement issues within the ever-evolving digital asset space.
Original article posted by Fox News
