Beijing Prosecutor's Office 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 Municipal People's Procuratorate released the "Typical Cases of High-Quality and Efficient Performance of Financial Prosecution," disclosing a case of illegal foreign exchange operation using virtual currency as a trading medium.

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 that they actually controlled, 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 gang reached over 1.182 billion RMB. On March 21, 2025, the Haidian District People's Court of Beijing made a first-instance judgment, sentencing the five defendants to fixed-term imprisonment ranging from 2 to 4 years for the crime of illegal operation, along with corresponding fines. Currently, all defendants have pleaded guilty and accepted the charges, and no appeals have been filed; the judgment has officially taken effect.