Why

At the end of December 2023, a certain high court published an article titled: This price difference cannot be earned! It is an article about a criminal case that has been sentenced in 2022. The article emphasizes that the buying and selling of USDT by U merchants is equivalent to buying and selling US dollars, which is a foreign exchange transaction. Once the amount exceeds 5 million, it constitutes the crime of illegal business operation. In December 2023, the State Administration of Foreign Exchange and the Supreme People's Procuratorate also issued an illegal business case of using virtual currency for foreign exchange. The article emphasizes that the exchange of RMB-virtual currency USDT-US dollars and other foreign currencies is a foreign exchange transaction. Providing USDT as an intermediate exchange channel, and knowing it subjectively, constitutes the crime of illegal business operation.