A certain OTC merchant was sentenced to three years for illegal business operations and fined 5 million yuan

According to ChainCatcher news, as disclosed in an article by the WeChat public account of Huo Xiaolu, a defendant named He in a Chongqing case was sentenced to three years in prison and fined 5 million yuan by the Chongqing Yubei District People's Court for illegally engaging in payment settlement business on a virtual currency trading platform and profiting from the price difference.

After the first-instance judgment, He appealed to the Chongqing First Intermediate People's Court. During the appeal process, He claimed that the exchange business between virtual currency and RMB he was engaged in did not constitute a payment settlement activity, and therefore did not constitute the crime of illegal business operations.

After hearing the case, the Chongqing First Intermediate People's Court recently ruled to dismiss the appeal and uphold the original judgment.