Fujian Putian court ruled on the illegal foreign exchange case of virtual currency, involving more than 13.30 billion yuan

On September 6, it was reported that in the first half of 2025, the People's Court of Hanjiang District, Putian City, Fujian Province tried and judged a case of virtual currency-related crimes. Yan Moumou, Zheng Moumou, Lin Moumou and others used USDT to build an underground foreign exchange network to attract customers through overseas chat software, and illegally exchanged RMB and foreign currencies through "U currency". The bank involved exceeded 13.30 billion yuan, and the illegal transaction amount reached 25.62 million yuan.
The gang withdrew more than 478 million yuan in cash from banks in many places, purchased "U coins" and transferred them to the wallet of the upstream crime, which was used to launder cross-border funds and make profits from them. During the trial of the case, the prosecutor extracted the voice from the mobile phone of the accomplice and identified that it was consistent with Lin Moumou's voice pattern to establish its connection with the account involved in the case. Finally, the court found that his behavior constituted the crime of illegal business operation and assisting information network criminal activities, and sentenced Yan Moumou, Zheng Moumou, Lin Moumou and other 15 people to fixed-term imprisonment ranging from 8 months to 3 years, and imposed a fine.