Tether In Crosshair Amid China's Crackdown On Illegal Forex Trading

The Chinese governmental authorities have decided to crackdown on the use of cryptocurrencies in illegal foreign exchange trading. On Wednesday, December 27, 2023, the Supreme People’s Procuratorate and State Administration of Foreign Exchange directed prosecutors and forex regulators to supervise foreign exchange activities stringently. The focus is on cases where the Tether (USDT) is used as an intermediary for trading yuan with other currencies.