- This case revealed a large-scale illegal operation involving 3.9 billion yuan, utilizing studios and tech consulting firms.
- Authorities began investigations after identifying suspicious cross-border transactions conducted via social networking platforms.
- The crackdown involved 21 suspects, arrested by December 2024. The actions have put a spotlight on the need for tighter regulations in financial transactions, especially involving cryptocurrency exchanges and overseas institutions.
Since August 2021, Sichuan Public Security dismantled a sophisticated illegal foreign exchange operation set up by Fan, He, Chen, and others in Chengdu.
The investigation shows collaboration with domestic agents of overseas institutions, impacting cross-border RMB services.
Solana, Financial Crimes, and Future Regulations
In response to these revelations, the need for business verification services becomes critical. Companies such as those verified under the Shanghai Administration for Industry and Commerce are essential to fostering transparency and trust.
Incorporating insights from industry experts, we find that “Legislative movements in the US are poised to redefine the cryptocurrency landscape, potentially increasing compliance costs for exchanges,” according to Jane Smith, a regulatory expert at US Crypto Law. This underscores the critical nature of adapting to new financial regulations in a volatile digital market.
Coincu analysts predict major shifts in regulatory landscapes following these events. With past trends indicating volatile integration of digital assets into mainstream finance, stricter global compliance measures could significantly alter future crypto-economic strategies.
Market Data and Insights
Did you know? Similar illegal foreign exchange operations have been on the rise, indicating a growing trend in financial crimes exploiting digital platforms.
Solana (SOL) currently trades at $171.14 with a market cap of $88.96 billion, accounting for 2.68% market dominance. The trading volume over 24 hours declined by 4.22%, reaching 3.78 billion.
Over the past 30 days, the coin’s price rose by 36.11%, but suffered a 1.68% dip in the last 24 hours. Details were verified on CoinMarketCap as of May 16, 2025.
Source: https://coincu.com/337977-sichuan-uncovers-illegal-fx-operation/