🚨Chinese police in Sichuan have stepped up their fight against underground banking networks, focusing on billions of US dollars worth of USDT transactions.

• The suspects allegedly circumvented national foreign exchange regulations by using the stablecoin for illegal foreign exchange transactions.

• Authorities closed two underground banking hubs in Fujian and Hunan provinces.

• The case spanned 26 provinces in China and more than 190 suspects were arrested across the country.

Although Sichuan previously played a significant role in the crypto industry, the situation quickly changed following Beijing's complete ban on all cryptocurrency transactions.