🚨Binance buys U at 7.22, buys U at 7.26, is it illegal to make a profit by moving bricks?
Are you familiar with this interface? I believe that those who buy and sell U on the exchange are familiar with it. There are two types of people, one is the buyer. Some domestic users pay a 10,000U deposit, which is more than 70,000 yuan, on the Ouyi or Binance exchange. After identity authentication, video authentication, and binding of mobile phones, email addresses and other information, they can become platform-certified merchants.
Then, on the c2c coin purchase page, you can see many merchants who place orders. If you click in, you can see that the order is sold at 7.26 and bought at 7.22. One U, a profit of 4 cents. That is, 10,000 U, earning 400 yuan. Moreover, in the same period of time, there are many OTC merchants with similar orders, and some even mark the need for capital verification.
The buying and selling prices are determined by the merchants themselves, not a fixed 4-cent difference, and the U merchant model is a business model of small profits but quick turnover. It determines a lot of water flow and fast in and out. These two points remind people that this is not the characteristic of money laundering in electronic fraud, where the flow of money is fast in and out.
Large OTC merchants can have annual payment and settlement flows of hundreds of millions, and small merchants can also have millions of flows. That is, the more the flow, the greater the profit. But with it comes the greater the risk.
According to the "Notice on Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Transactions (Yinfa [2021] No. 237)" jointly issued by the People's Bank of China and ten other ministries and commissions on September 24, 2021 (hereinafter referred to as the "924 Notice"), citizens are reminded to guard against the financial risks brought by virtual currencies, but the simple virtual currency trading behavior does not violate the relevant provisions of my country's current laws and administrative regulations.
Therefore, laws and regulations do not prohibit the trading of virtual currencies. If there is no prohibition in the law, it is free. The 21-year notice is a normative document and does not prohibit virtual currency trading. In short, virtual currency trading is not illegal in China. Among them, OTCs that frequently buy and sell USDT may be illegal financial activities, but they cannot be used as the basis for administrative penalties.
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