ChainCatcher news, according to the Procuratorial Daily report, on November 18, the Jiangsu Province Jianhu County Procuratorate organized police officers to distribute promotional materials in communities and streets, explaining the main forms of crimes involving virtual currency and interpreting the legal risks of virtual currency transactions in connection with a new type of crime case mediated by virtual currency trading. In this case, three young men born after 1995 engaged in foreign exchange "business" through virtual currency trading, completing over 650 transactions and exchanging nearly 30 million yuan in just a few months. The Jianhu County Procuratorate filed a public prosecution, and recently, the court sentenced Lin and two others to fixed-term imprisonment of five years to one year and six months for illegal business operations, along with fines.Lin, in collaboration with a Nigerian national, used the local legal currency Naira to purchase Tether on the Binance exchange, then transferred the Tether to Lin's Binance account. Lin sold the Tether to domestic currency traders in exchange for RMB, which was then transferred to a bank account in China provided by the Nigerian national. Lin determined the purchase price by discounting 5% from the day's listing price of Tether and then sold it to domestic currency traders at the listing price, earning the price difference.The prosecutor reviewed and concluded that Lin and the other two used virtual currency as a medium to provide cross-border exchange and payment services to earn exchange rate differences, which circumvented national foreign exchange regulations by exploiting the special properties of virtual currency, affecting the effectiveness of foreign exchange management and the stability of legal exchange rates, thereby disrupting the normal order of the financial market. They should be held criminally responsible for illegal business operations according to the law.

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.