Three 'post-95' young men used virtual currency as a means to exchange money and were sentenced to imprisonment and fines by the court for illegal business operations.
Recently, the Jiangsu Province Jianhu County Procuratorate organized law enforcement officers to distribute promotional materials in communities and streets in connection with a new type of crime case involving virtual currency transactions. They explained the main forms of crimes related to virtual currency and interpreted the legal risks of virtual currency transactions. In this case, three 'post-95' young men engaged in foreign exchange 'business' using virtual currency transactions as a medium, completing over 650 transactions and exchanging nearly 30 million yuan within a few months. Following a prosecution by the Jianhu County Procuratorate, the three individuals, including Lin, were sentenced by the court to imprisonment ranging from five years to one year and six months, along with fines. The prosecutor reviewed the case and determined that Lin and the others provided cross-border exchange and payment services using virtual currency as a medium to profit from exchange rate differences, which circumvented national foreign exchange regulations, affected the effectiveness of foreign exchange management and the stability of legal exchange rates, and disrupted the normal order of the financial market. They should be held criminally responsible for illegal business operations according to the law.