Malaysian Police Bust ‘USDT-powered Crypto Exchange’ – Suspects ‘Sold Crypto to China’
Malaysian police have swooped on what they suspect to be an illegal, international
USDT-powered crypto exchange. Forty people were arrested.
The exchange was allegedly allowing Mainland Chinese citizens to trade USDT for cash. Per the Malaysian media outlet Oriental Daily, the bust was co-conducted by the
police’s commercial crime
investigation team and the
National Financial Crime Center.
Officers claimed they have completely dismantled the “exchange,” which it also suspects of providing “
illegal online gambling” services.
Detectives said they had been investigating the suspected exchange for some time. They said that the exchange had systematically “converted money received”
from China into USDT.
Crypto firms that fail to obtain operating permits are subject to punishment . Officers claimed to have found evidence that the group “
carried out cryptocurrency exchange activities” in Malaysia “
without permission.” Under Malaysian law, all
crypto-related firms must register their
activities with regulators.
