The Beijing Municipal People's Procuratorate released the "Typical Cases of High-Quality and Efficient Performance of Financial Prosecutors", revealing a case of illegal foreign exchange operations using virtual currencies as a medium of exchange.
The case shows that between January and August 2023, Lin Moujia and five others used multiple bank cards to receive RMB funds transferred by customers, converted RMB into USDT and completed cross-border transfer of funds through multiple USDT trading platform accounts under actual control, and essentially implemented disguised foreign exchange transactions. The gang's illegal business totaled more than 1.182 billion yuan.
On March 21, 2025, the Haidian District People's Court of Beijing City issued a first-instance judgment. All five defendants were sentenced to fixed-term imprisonment ranging from 2 to 4 years for the crime of illegal business operation, and were fined accordingly. At present, all defendants have pleaded guilty and accepted punishment without appealing, and the judgment has officially taken effect.
The Beijing Procuratorate disclosed the case of illegal trading of virtual currency in foreign exchange: 5 people were sentenced, and the amount involved exceeded 1.10 billion yuan
2025-10-29 01:35:28
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