It's so sad, when will virtual currency trading be allowed?

Gansu, China 'U Business' convicted of aiding in criminal activities involving USDT due to transactions related to black and gray industries!
According to the official account of the Jinchang Intermediate People's Court, recently, the Yongchang Court in Gansu, China, sentenced ten defendants in two cases involving telecom fraud crimes to prison terms ranging from ten months to one year for aiding information network crime activities, recovering over 1.19 million yuan in illegal gains.

Reports indicate that since 2022, a certain Shen has sought illegal profits by raising funds to purchase computers, IoT cards, and other equipment, recruiting Li, Chen, and four others into the scheme, and additionally hiring over ten others to lease properties in places like Hefei, Anhui to establish USDT (Tether) trading studios. They also formed illegal over-the-counter trading groups using the Telegram app, profiting by buying low and selling high.

During this period, the five took repeated risks, knowingly accepting U coins from online gambling and telecom fraud activities, while still assisting fraudsters in settling payments between USDT and RMB at high exchange rates. At the same time, Shen contacted downstream currency merchants such as Li to settle payments according to methods specified by upstream criminals through Alipay, WeChat transfers, and cash deposits.

By the time the case was exposed, the defendants had profited over 880,000 yuan, with more than ten victims including Meng and others from Chengguan Town, Yongchang County, who were defrauded of over 5.9 million yuan while participating in virtual currency investments and online brushing. The funds were all transferred to accounts related to USDT transactions used by Shen and others.

The court found that in this case, Shen and others used virtual currency trading activities to assist telecom network fraudsters in transferring funds, which has transcended mere virtual currency operations. Such actions should be included as a key link in the full-chain crackdown on illegal activities related to telecom network fraud, and the involved criminals should be punished.

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