Vietnamese migrant workers turn into private crypto dealers! Laundering 500 million USDT into Vietnamese Dong via OKX, prosecutors seek 3-year sentence

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Author: Ariel, Crypto City Vietnamese migrant worker turns into a private crypto broker, profiting from large-scale USDT transactions A recent report by United Daily News stated that a Vietnamese migrant worker surnamed Su is suspected of acting as a private crypto broker. He allegedly received large amounts of USDT from unidentified clients, sold them for Vietnamese Dong (VND) via the C2C over-the-counter market on the offshore cryptocurrency exchange OKX, and then facilitated remittances for multiple fellow countrymen. The Taichung District Prosecutors Office, through data from the OKX exchange and analysis of crypto fund flows, discovered that the man's electronic wallet had recorded multiple large-scale USDT inflows and outflows since January 2025, with funds typically cleared within one hour. He received a total of 16,914,705.5 USDT, with a market value equivalent to approximately NT$507.44 million. The man surnamed Su confessed to prosecutors that he earned NT$1,200 for every 100,000 USDT handled, resulting in a total profit of approximately NT$200,000 from exchange rate spreads. However, he did not verify the source or destination of the cryptocurrency during the transactions, was unaware of the buyers' true identities, and failed to maintain necessary transaction records. Prosecutors determined that his actions failed to comply with the Know Your Customer (KYC) procedures mandated by the Money Laundering Control Act, making his operations highly susceptible to being used as a channel for money laundering by fraud syndicates. Consequently, he has been indicted for violating the Money Laundering Control Act by providing virtual asset services illegally and for special money laundering offenses, with prosecutors seeking a 3-year prison sentence and a concurrent fine. Difficulty in prosecuting crypto-to-fiat remittances under the Banking Act Compared to other recent underground remittance cases, individual crypto brokers who exchange cryptocurrency for fiat currency face the issue of not being subject to the "underground remittance" regulations of the Banking Act. Taichung District Prosecutor Dai Min-yen told United Daily News that the underground remittance prohibited by the Banking Act is limited to the conversion between legal tenders. For example, in February of this year, a Vietnamese man surnamed Hu was hired by a Vietnamese woman surnamed Phan Le, who operated a snack bar, to engage in underground remittance between NTD and VND. The total remittance amount exceeded NT$230 million, and the individuals involved were ultimately indicted for violating the Banking Act. In the case of the migrant worker surnamed Su, the conversion occurred between the cryptocurrency USDT and the legal tender VND. Since USDT is not a legal tender, this transaction model cannot be regulated under the Banking Act. If underground remittance is conducted purely between fiat currencies, it can be punished with a prison sentence of 7 years or more under Article 125 of the Banking Act; however, when fiat currency is remitted via cryptocurrency, it can only be prosecuted under the special money laundering offense of the Money Laundering Control Act, which carries a significantly lower sentence of 6 months to 5 years in prison. OKX C2C platform delisted NTD trading pairs in 2024 Due to the Taiwan government's clear regulation of individual crypto brokers in recent years, the OKX exchange C2C platform used by the migrant worker surnamed Su had actually suspended the function for Taiwan users to conduct C2C transactions using NTD since June 24, 2024. Although NTD trading pairs have been taken offline, trading pairs for foreign currencies such as VND, Indonesian Rupiah (IDR), and Philippine Peso (PHP) remain available on the OKX C2C platform. While the original intention of many migrant workers in Taiwan assisting with currency exchange is to help fellow countrymen remit funds back home, the lack of client identity verification and failure to verify the source of funds by private brokers harbor significant risks of being exploited by fraud syndicates to conceal illicit proceeds. Prosecutor Dai Min-yen expressed concern that malicious actors only need to add a layer of cryptocurrency to the fiat exchange process to circumvent the severe penalties of the Banking Act. This will severely increase the difficulty for police and prosecutors to investigate and will impact financial order. (The above content is excerpted and reprinted with authorization from our partner "Crypto City"; original link)

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