IMPORTANT NEWS ALERT
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Significant Legal Ruling in Chongqing: He Mou Sentenced for Illegal Cryptocurrency Trading
On July 16, a court in Chongqing upheld a landmark legal decision against He Mou, who was sentenced to three years in prison and fined 5 million yuan by the Yubei District People's Court. This case revolves around He's involvement in illegal cryptocurrency trading activities, specifically conducting unauthorized fund payment and settlement operations on a crypto trading platform, and profiting from price differences in virtual currencies.
Initially found guilty of illegal business operations, He Mou appealed to the Chongqing First Intermediate People's Court. He contended that his exchange of virtual currency for Chinese yuan did not constitute fund payment and settlement activities, thereby disputing the basis for the illegal business operations charge.
However, after a comprehensive review, the Chongqing First Intermediate People's Court rejected He's appeal, affirming the original three-year prison sentence and 5 million yuan fine. This decision reinforces China's stringent legal stance on unauthorized cryptocurrency trading, emphasizing rigorous enforcement measures to regulate such practices.
This outcome underscores the continuous regulatory scrutiny and severe legal consequences faced by individuals engaged in unauthorized cryptocurrency trading in China. It highlights the critical importance of adhering to regulatory frameworks and the legal repercussions of participating in crypto-related activities outside established guidelines.
