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金狗研究院
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Bullish
🚨 Trading virtual currency can lead to arrest on the spot, is this also a crime?
A few days ago, a friend of mine said he received a detention notice from the public security bureau, which stated that his son was suspected of the crime of concealing criminal proceeds, but he knew nothing else. He didn't even know what his son was busy with all day or who he was in contact with. It turned out that he was arrested for trading virtual currency.
In fact, there are no clear regulations prohibiting trading virtual currency in our country, and in the eyes of many normal people, trading coins is similar to stock trading—buy low and sell high to make a profit. It is purely a commercial activity, and there is nothing wrong with that. However, if one knowingly continues to trade and acquire funds that are known to be illicit, this constitutes a crime.
Many people will say, "I definitely did not know; I was just making a profit." But if your trading behavior is abnormal, it is very likely to be deemed as knowing by judicial authorities. For example, if your bank account has been frozen multiple times, received inquiries from the bank, or has been questioned by the police, or if your trading often avoids cameras, with you hiding and using codes, these could very likely be interpreted as knowing.
Cases like this do not have unified applicable charges; some are charged with aiding and abetting, others with concealing criminal proceeds, and some even with illegal business operations. After taking on this case, I saw a highly similar case in a Shanghai court that was charged as aiding and abetting. It’s important to know that the maximum penalty for aiding and abetting is three years or less, while concealing criminal proceeds can be up to seven years. The severity is quite apparent.
Many people in the crypto space are doing this; some moms are also getting involved, treating it as a side job to earn some pocket money. However, this activity carries risks, and a slight misstep could lead to handcuffs.
Pay attention to Musk-related stocks and Ethereum, or it may become the next potential Meme coin.
A few days ago, a friend of mine said he received a detention notice from the public security bureau, which stated that his son was suspected of the crime of concealing criminal proceeds, but he knew nothing else. He didn't even know what his son was busy with all day or who he was in contact with. It turned out that he was arrested for trading virtual currency.
In fact, there are no clear regulations prohibiting trading virtual currency in our country, and in the eyes of many normal people, trading coins is similar to stock trading—buy low and sell high to make a profit. It is purely a commercial activity, and there is nothing wrong with that. However, if one knowingly continues to trade and acquire funds that are known to be illicit, this constitutes a crime.
Many people will say, "I definitely did not know; I was just making a profit." But if your trading behavior is abnormal, it is very likely to be deemed as knowing by judicial authorities. For example, if your bank account has been frozen multiple times, received inquiries from the bank, or has been questioned by the police, or if your trading often avoids cameras, with you hiding and using codes, these could very likely be interpreted as knowing.
Cases like this do not have unified applicable charges; some are charged with aiding and abetting, others with concealing criminal proceeds, and some even with illegal business operations. After taking on this case, I saw a highly similar case in a Shanghai court that was charged as aiding and abetting. It’s important to know that the maximum penalty for aiding and abetting is three years or less, while concealing criminal proceeds can be up to seven years. The severity is quite apparent.
Many people in the crypto space are doing this; some moms are also getting involved, treating it as a side job to earn some pocket money. However, this activity carries risks, and a slight misstep could lead to handcuffs.
Pay attention to Musk-related stocks and Ethereum, or it may become the next potential Meme coin.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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