Beijing Sentences Five in USDT Forex Case

Beijing court jailed five for USDT in illegal forex transfers.

Beijing's Haidian District Court sentenced five to 2-4 years in prison on October 28, 2025, for a USDT-based forex scheme. The operation moved RMB (the official currency in China) 1.182 billion ($1.18 billion) abroad from January to August 2023. Defendants Lin Jia, Lin Chen, Bao, Yi, and Xia pleaded guilty.

Scheme Mechanics

The group received RMB via bank cards, converted it to USDT, and sent stablecoins overseas through platforms. Individual transfers ranged from RMB 149 million to RMB 469 million. The court dismissed claims of legitimate crypto trading, citing clear forex violations.

Enforcement Approach

Beijing Procuratorate built a strong evidence chain using bank records, USDT wallets, and platform data. It called the case a model for tackling new crypto crimes.

China’s Crypto Stance

Despite a 2021 trading ban, USDT fuels underground forex evasion. Authorities target such schemes amid billions in illicit flows. This verdict reinforces zero tolerance for stablecoin misuse in financial crimes.