Sichuan court hears a case of stablecoin illegal foreign exchange trading, with an amount involved exceeding 200 million yuan

ChainCatcher news, the Supreme Court released typical cases showing that the Leshan Intermediate Court in Sichuan elevated the trial of a case involving illegal foreign exchange trading using USDT. Between 2020 and 2021, Wan Mouyuan and others illegally traded foreign exchange through the method of "RMB---USDT---USD," with an amount involved exceeding 234 million yuan. The court determined that they constituted the crime of illegal business operations, with the principal offender Wan Mouyuan sentenced to 13 years and 6 months in prison and fined 1.14 million yuan, while other defendants were also sentenced.