In the past few days, the phrase 'USDT exchange into criminal offense' has caused panic among some people.

The title contains exaggeration (clickbait): the marketing title 'USDT exchange into criminal offense' is a simplified summary.

Such a statement can easily lead to misunderstanding that 'as long as you exchange USDT, it constitutes a crime'.

But in reality, the law targets specific 'illegal business' activities, not all USDT transactions.

This ruling is aimed at behaviors that use virtual currency as a medium to conduct 'disguised foreign exchange trading'.

The specific operation model is: receive RMB -> convert to USDT -> cash out to foreign currency (or reverse operation), thus achieving cross-border capital transfer.