Two men sentenced by Tai Po Court for cash transactions of virtual currency, receiving several months of imprisonment and fines

ChainCatcher news, according to reports from the Southern Newspaper Client, recently the People's Court of Dapu County made a ruling on a cash transaction case involving virtual currency. The principal offender, Chen, was sentenced to eight months in prison for illegal business operations and fined 20,000 yuan; the accomplice, Li, was sentenced to six months and ten days in prison and fined 1,000 yuan; 5,101,770 yuan of illicit funds were confiscated and turned over to the national treasury.

It is reported that in November 2021, Chen started a cash transaction business for virtual currency, purchasing USDT from acquaintances in the cryptocurrency community and reselling it to buyers, earning a profit from the price difference. The price for each transaction was set by the buyer, who compared the price of 1 USDT with the market prices of other cryptocurrencies on that day to calculate a profitable price. Due to the large amounts of cash involved in each transaction, Chen, fearing robbery, hired Li as a bodyguard to escort the cash during transactions with retail investors.

After the trial, the court found that Chen and Li used the form of buying and selling virtual currency to engage in disguised foreign exchange transactions, which was serious in nature and constituted illegal business operations. (source link)