Song Shijie, the boss of Beijing's largest OTC margin trading platform, was implicated in money laundering and cryptocurrency scams, leading to the freezing of three Binance accounts.

Song Shijie, the owner of China's largest over-the-counter (OTC) margin trading platform in Beijing, who owed the national treasury 22 million yuan in fines and confiscations, has paid nearly 200 million yuan in asset forfeiture settlements to the UK and the US. The UK's National Crime Agency seized his London mansion, apartment, and bank accounts, valued at a total of 16.7 million pounds, or approximately 161 million yuan. The funds were determined to have originated from illegal securities trading in China and money laundering in the UK. Caixin reported that Song Shijie was also involved in cryptocurrency scams, resulting in the freezing of three of his Binance accounts, containing approximately $10 million in crypto assets. According to a document filed in a US court in Orlando, Florida, in late March, he abandoned his claims to avoid criminal charges. (Caixin)