Five People Jailed in China Just for Moving USDT

Core Insights - China's crackdown on cryptocurrency continues, with a Beijing court sentencing five individuals for conducting over $166 million in cross-border Tether (USDT) transactions, marking a significant enforcement action in the crypto space [1][4][8] Group 1: Legal Actions and Sentences - The court found that the group engaged in unauthorized cross-border fund transfers, violating China's Anti-Money Laundering Law and Foreign Exchange Administration Regulations [4][9] - The main orchestrator received a sentence of four years and six months, while associates received sentences ranging from two years and eleven months to three years and nine months, along with fines totaling approximately $70,000 [5][6] Group 2: National Policy and Enforcement - The case exemplifies China's zero-tolerance policy towards digital assets, despite some companies expanding their crypto operations in Hong Kong's more lenient regulatory environment [2][9] - Authorities emphasized that the punishments were necessary to deter activities that threaten national financial stability and the capital control system [6][9]