Taiwanese authorities uncover 20.1 billion TWD money laundering operation linked to USDT

Taichung District Prosecutors Office indicted 30 individuals on September 23 for operating illegal platforms, NOW PAY and X PAY, which facilitated the exchange of Chinese Yuan for Tether (USDT). The investigation began after the sudden death of an employee at a marketing firm, leading authorities to discover the operation, which processed 20.1 billion TWD over nine months with 315 million TWD in profits. The group used fake NFT and gaming websites to disguise transactions and bypass Chinese regulations. The defendants face charges under the Money Laundering Control Act for providing virtual asset services without registration. Taiwan's upcoming Virtual Asset Services Act will increase penalties for unauthorized operations to up to seven years in prison and fines of up to 100 million TWD.