💥It is not illegal to make money by speculating in cryptocurrencies, but it is easy to get scammed. You must know these risks! Otherwise, you will be the next one!

There are many users in the domestic cryptocurrency circle. You must know these key information to prevent yourself from falling into risks.

First, about the legality of cryptocurrency speculation. Although the 924 document prohibits cryptocurrency trading, there is currently no law that clearly states that it is illegal. However, the policy is in a crackdown trend, and banks may require account closure if they notice it. If the source of money earned by cryptocurrency speculation is legitimate, it will not be judged as an unknown source of property. In the past, relevant documents only prompted the risk to be borne by the person. The so-called "being caught by cryptocurrency speculation" was mostly due to receiving black money from selling USDT.

The country's crackdown on cryptocurrency speculation is due to the difficulty of supervision. It is highly concealed and easily used by the black and gray industries. For example, fraudulent funds use USDT cross-border transactions, which brings great challenges to police tracking.

If you receive black money from selling USDT, you will most likely need to refund it because you may be suspected of committing a crime. Selling USDT retail investors at high prices is not considered illegal operation, but it is easy to involve black money. If multiple cards under your name are frozen multiple times, you will be deemed to have committed a crime knowingly. Selling USDT on an exchange is not illegal in itself, but it is easy to be frozen due to black money. The exchange currency dealers are illegal but have room for operation. In some cases, they can be unfrozen by providing materials and willing to refund. In serious cases, they will be convicted of illegal operations. It is not illegal to sell at a high price without receiving black money off the market, but it is illegal to receive it and may be sentenced to actual imprisonment, and may also face 37 days of detention.

China has established compliant virtual currency exchanges such as the Euro Yi Exchange in Hong Kong, and other exchanges must also cooperate with the police. In addition, if there are millions of cash deposits or millions of dollars in the account, the bank will review them according to the situation. Except for specific official funds, unknown sources or abnormal accounts may trigger investigations. They need to be explained to the bank and reviewed by the anti-money laundering system, and networked with multiple departments to prevent and control risks.

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