Beijing Procuratorate discloses illegal foreign exchange trading case involving virtual currency, 5 people sentenced, with the amount involved exceeding 1.1 billion yuan

ChainCatcher News: The Beijing People's Procuratorate has released the "Typical Cases of High-Quality and Efficient Performance of Financial Prosecution," disclosing a case of illegal foreign exchange operations using virtual currency as a medium of exchange.

The case shows that Lin and four others used multiple bank cards to receive RMB funds transferred by clients. Through multiple Tether (USDT) trading platform accounts controlled by them, they converted RMB into USDT and completed cross-border fund transfers, effectively engaging in disguised foreign exchange trading. The total amount of illegal operations by this group reached over 1.182 billion RMB. On March 21, 2025, the Haidian District People's Court of Beijing issued a first-instance judgment, sentencing the five defendants to prison terms ranging from 2 to 4 years for the crime of illegal business operations, along with corresponding fines. Currently, all defendants have pleaded guilty and accepted the penalties, and no appeals have been filed; the judgment has officially taken effect.