Trading virtual currency has three major legal red lines. The lightest consequence is a frozen bank card, while the heaviest could involve criminal charges.

What are the legal red lines for trading virtual currency in mainland China? Once crossed, the lightest consequence is facing a frozen bank card, while the heaviest could involve criminal offenses. Let's hear what professional lawyers have to say:

First, selling USDT to newcomers. When newcomers bring USDT to third-party platforms for investment or contracts, even if the transaction is completed and it's the newcomers' fault that they were scammed, some law enforcement agencies may freeze your receiving bank card and may even label you as a criminal suspect.

Second, cash transactions. Starting in the second half of 2024, there has been a noticeable increase in offline cash transactions of USDT being cracked down on, as long as the source of the received funds is linked to fraud, law enforcement will suspect you of money laundering and will likely detain you first.

Third, buying and selling USDT on certain exchanges without verifying the counterpart's information, if the payer is using non-real-name funds that are linked to fraud, once you receive the funds, your bank card will be judicially frozen, and you will face the possibility of refunds and unfreezing. If you are a USDT dealer and your card is frozen, law enforcement may suspect you of money laundering based on your frequent transactions and may even put you on a wanted list.

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