Crypto Market Dives as China Continues Crackdown, Singles out Tether & Foreign Platforms

The Chinese central bank, along with a group of ministries, financial regulators, and national-level courts, has issued a joint statement confirming a hard-line stance on crypto. And perhaps worryingly for stablecoin issuers will be the fact that the parties have mentioned tether (USDT) by name – and warned that overseas exchanges that target Chinese customers could face punishment.