Using virtual currency for foreign exchange conversion of 30 million, illegal business crime, five years🚫
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Three "post-95" young men engaged in foreign exchange "business" using virtual currency trading as a medium, completing over 650 transactions and exchanging nearly 30 million yuan in just a few months. Currently, Lin and two others have been sentenced to fixed-term imprisonment of five years to one year and six months by the court for illegal business operations, and fines were imposed on each.
①Case Details: In early 2020, Lin engaged in "arbitrage" with virtual currency on different exchanges, buying low and selling high to earn the price difference. During one transaction, he met a Nigerian named "Prince" who wanted to exchange the local legal currency Naira for RMB through Lin.
Lin quickly thought of buying "Prince"'s virtual currency at a price 5% lower than the listing price of Tether on the same day and then selling it to domestic currency traders for RMB, transferring the money to "Prince"'s bank card in China.
In September 2020, Lin and Yan decided to go solo, specifically contacting Nigerian clients and domestic currency traders to conduct virtual currency trading operations. Later, due to restrictions on their bank cards, they contacted their classmate Xie to join. The three quickly made this business vibrant.
In June 2022, the three were arrested at their respective homes.
②Investigations revealed that from September 2020 to January 2021, Lin and Yan disguised their buying and selling of foreign exchange worth over 21.29 million yuan. From January to April 2021, after Xie joined, the three disguised their buying and selling of foreign exchange worth over 8.38 million yuan.
③The prosecutor reviewed and believed that Lin and the other two used virtual currency as a medium to provide cross-border exchange and payment services to earn the exchange rate difference, which was a means of circumventing national foreign exchange regulation by utilizing the special properties of virtual currency, affecting the effectiveness of foreign exchange management and the stability of legal exchange rates, disrupting the normal order of the financial market, and should be held criminally accountable for illegal business operations according to law.
④In April, after trial, the court adopted the prosecutor's opinion and sentenced Lin and Yan to five years of fixed-term imprisonment and imposed fines; Xie was sentenced to one year and six months of fixed-term imprisonment with probation and a fine.
None of the three appealed, and the judgment has taken effect.
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