CandleFocus Three in China Jailed for Illegal 30M Yuan Crypto Forex Transactions
2024-12-10
Author: Content Editor
Three young men in China have been sentenced to prison and fined for using cryptocurrency to conduct illegal foreign exchange transactions. The trio completed over 650 transactions, exchanging nearly 30 million yuan in foreign currency within a few months. They used cryptocurrency to facilitate cross-border payments and evaded regulatory oversight, which violated China's strict foreign exchange regulations. Prosecutors argue that these activities distort economic data, disrupt financial decisions, and pose risks to the market. The court sentenced two of the individuals to five years in prison and imposed fines, while the third individual received one and a half years in prison and a fine. The judgment has taken effect, and none of the individuals appealed.
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