IMPORTANT NEWS ALERT

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On July 16, a court in Chongqing upheld a significant legal decision involving He Mou, who was sentenced to three years in prison and fined 5 million yuan by the Yubei District People's Court. The case centered on He's involvement in illegal cryptocurrency trading activities, where he conducted unauthorized fund payment and settlement operations on a crypto trading platform. His actions reportedly involved profiting from price differences in virtual currencies.

Initially found guilty of illegal business operations, He Mou appealed the verdict to the Chongqing First Intermediate People's Court. During the appeal process, He argued that his exchange of virtual currency for Chinese yuan did not constitute fund payment and settlement activities, thus challenging the basis of the illegal business operations charge.

However, following a thorough review of the case, the Chongqing First Intermediate People's Court decided to reject He Mou's appeal and uphold the original three-year prison sentence and 5 million yuan fine. This decision reaffirms the legal stance on unauthorized cryptocurrency trading activities in China, emphasizing strict enforcement measures to regulate and control such practices.

The outcome underscores the ongoing regulatory scrutiny and legal consequences faced by individuals involved in unauthorized cryptocurrency trading within China. It highlights the importance of adhering to regulatory frameworks and the legal implications of engaging in crypto-related activities that fall outside established guidelines.

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