An Inner Mongolia court issued a final ruling on June 26 against five operators of the Sifang Pay platform, sentencing them to prison terms ranging from three to six years. The case involved the processing of funds for gambling websites through channels including USDT, with the amount in question reaching 2.95 billion yuan, or about $428 million. According to the court, Sifang operated as a fourth-party payment platform and provided fund-settlement services for overseas gambling websites from May 2022 to October 2023. The court found that the conduct constituted the crime of illegal business operations. The principal offenders were also fined between 800,000 yuan and 3 million yuan, and illegal gains were confiscated. The update was published by Techub, citing crypto.news.
An Inner Mongolia court issued a final ruling on June 26 against five operators of the Sifang Pay platform, handing down prison terms of three to six years.
The court said the case involved the processing of funds for gambling websites through channels including USDT, with the amount reaching 2.95 billion yuan, or about $428 million. Sifang, described as a fourth-party payment platform, provided fund-settlement services for overseas gambling websites from May 2022 to October 2023. The court found that the conduct constituted illegal business operations.
The principal offenders were also fined between 800,000 yuan and 3 million yuan, and illegal gains were recovered. The item was published by Techub and cited crypto.news.
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