Shenyang police have cracked an illegal foreign exchange trading case, with the involved personnel having sold Bitcoin and Tether to a Mexican individual.

Deep Tide TechFlow News, December 20th, according to Xinhua News Agency, the Public Security Bureau of Shenyang City, Liaoning Province, successfully cracked the “Tong Moumou and others illegal business operation case.” According to investigations, since 2017, Tong Moumou and others have been engaged in illegal foreign exchange trading activities in the United States. From January 2020 to June 2021, they illegally bought and sold foreign exchange through “mirror trading” with a total amount of over 16 million RMB.

In the case, Tong Moumou admitted that during his operation of a car dealership in the US, he met Mexican businessman JC, who later proposed to buy virtual currencies from him with US dollar cash. Tong Moumou then instructed Chen Moumou to purchase virtual currencies such as Bitcoin and Tether through various channels and sell them to JC in exchange for US dollar cash. According to statements, currency exchange for JC was only part of his business; his main clients were international students, merchants, and gamblers.

In September 2025, the People’s Court of Huanggu District, Shenyang City, sentenced Tong Moumou and Chen Moumou to fixed-term imprisonment of one year and seven months, and one year and four months respectively, along with fines for illegal business operations. The police remind the public to choose legitimate channels such as banks for foreign exchange exchange and to avoid lending personal accounts to others.