Using virtual currency to conduct foreign exchange transactions of 30 million, illegal business operation, five years🚫
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Three young men born in the '95s engaged in buying and selling foreign exchange 'business' through virtual currency trading, completing over 650 transactions and exchanging nearly 30 million yuan in just a few months. Currently, Lin and the other two have been sentenced to fixed-term imprisonment of five years to one year and six months for illegal business operation, with fines imposed.
① Case facts: In early 2020, Lin engaged in virtual currency 'arbitrage' on different exchanges, buying low and selling high to earn the price difference. During one transaction, he met a Nigerian man called 'Prince' who wanted to exchange the local currency Naira into Chinese yuan through Lin.
Lin quickly thought of buying 'Prince's' virtual currency at a 5% discount from the day's listing price of Tether, then selling it to domestic currency traders in exchange for RMB, and transferring it to 'Prince's' bank card in China.
In September 2020, Lin and Yan decided to work independently, specifically contacting Nigerian clients and domestic currency traders to conduct virtual currency trading operations. After their bank cards were restricted, they contacted their classmate Xie to join. The three quickly made this business flourish.
In June 2022, the three were arrested at their respective homes.
② Investigations revealed that from September 2020 to January 2021, Lin and Yan disguised their buying and selling of foreign exchange worth over 21.29 million yuan. From January to April 2021, after Xie joined, the three disguised their buying and selling of foreign exchange worth over 8.38 million yuan.
③ Prosecutors reviewed and believed that Lin and the other two used virtual currency as a medium to provide cross-border exchange and payment services to profit from the exchange rate difference, utilizing the special properties of virtual currency to bypass national foreign exchange regulation, affecting the effectiveness of foreign exchange management and the stability of legal exchange rates, disrupting the normal financial market order. They should be held criminally responsible for illegal business operation according to the law.
④ In April, the court, after hearing the case, adopted the opinions of the prosecution, sentencing Lin and Yan to five years in prison with fines; and sentencing Xie to one year and six months in prison, applying probation, along with fines.
None of the three appealed, and the judgment has taken effect.
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