According to BlockBeats, on July 16, a case in Chongqing saw the defendant, He Mou, sentenced to three years in prison and fined 5 million yuan by the Yubei District People's Court. He was found guilty of illegal business operations for engaging in unauthorized fund payment and settlement activities on a cryptocurrency trading platform, earning profits from the price differences.

Following the initial verdict, He Mou appealed to the Chongqing First Intermediate People's Court. During the appeal, He argued that his activities of exchanging virtual currency for RMB did not constitute fund payment and settlement, and therefore, did not amount to illegal business operations.

After reviewing the case, the Chongqing First Intermediate People's Court recently ruled to dismiss the appeal and uphold the original sentence.