ChainCatcher news, recently, the Chongqing First Intermediate People's Court made a final ruling on a case involving illegal operations of virtual currency. The defendant, He, was sentenced to three years in prison and fined 5 million yuan by the Chongqing Yubei District People's Court for illegally engaging in fund payment and settlement business on a virtual currency trading platform, profiting from the price difference.In early 2018, He registered as a "merchant" on a well-known virtual currency trading platform and began engaging in exchange transactions between the virtual currency "USDT" and the Chinese yuan. It is understood that in the exchange trading area of the exchange, different merchants have varying payment channels, transaction limits, and transaction prices. Among them, the purchase price of "USDT" mainly concentrated around 6.85 yuan, while the selling price of "USDT" was mostly around 7 yuan. Later, Zheng expanded the business scale, rented a venue, recruited employees, and registered multiple accounts and opened bank accounts in the names of relatives and friends, conducting a large number of virtual currency and Chinese yuan exchange transactions on the virtual currency trading platform. The total amount of funds He used for the exchange business reached 609 million yuan. As of May 2019, the cumulative transaction volume of the bank accounts controlled by He had exceeded 14 billion yuan, with his personal illegal profits amounting to 4.77 million yuan. He used these illegally obtained funds to purchase real estate, invest in financial products, etc., in an attempt to legalize them.The Chongqing Yubei District People's Court ruled against him for illegal business operations, sentencing him to three years in prison and imposing a fine of 5 million yuan. He was not willing to accept this and chose to appeal to the Chongqing First Intermediate People's Court, claiming that the exchange business he engaged in between virtual currency and Chinese yuan did not constitute a fund payment and settlement behavior, and therefore did not constitute illegal business operations. After hearing the case, the Chongqing First Intermediate People's Court recently ruled to dismiss the appeal and upheld the original judgment.

ChainCatcher news, Worldcoin is suspected of illegal operations in Buenos Aires and is facing legal action. The company is accused of including unfair terms in contracts that violate Argentina's National Consumer Protection Law, and there are contradictions in handling biometric data. Alleged issues include unfair terms such as suspending services without refunds, prohibiting collective claims, and limiting dispute resolution to California, among others.Additionally, the company has been criticized for failing to prevent minors from registering and is involved in issues related to iris data storage, currently facing fines exceeding $1 million.

ChainCatcher news, the Nigerian Securities and Exchange Commission (SEC) announced on Friday that Binance Nigeria Limited is neither registered nor regulated by the Nigerian SEC, making its operations in Nigeria illegal. Any members of the investing public dealing with this entity do so at their own risk.The Nigerian SEC has ordered Binance Nigeria Limited to immediately cease soliciting Nigerian investors in any form.Furthermore, the Nigerian SEC reminds Nigerian investors that investing in crypto assets carries significant risks and may result in the loss of their entire investment. (Source link)

ChainCatcher news, reporters learned from the Sichuan Provincial High People's Court that recently, the Pengshan District Court in Meishan City adjudicated a case involving fraud through a self-made fake virtual currency trading platform. Seven defendants, including Hu and Yang, were sentenced to fixed-term imprisonment ranging from twelve years and six months to two years and ten months, with three years of probation, and were fined for the crimes of fraud and concealing or disguising criminal proceeds.From March 2020 to December 2020, Hu and Yang, along with others, utilized the registered Chengdu Jiarongteng Software Information Technology Co., Ltd. (referred to as Jiarongteng Company) to illegally operate a fake virtual currency investment platform called "Shengda Contract." They deceived customers into purchasing Tether by promising "capital protection investment and liquidation capital protection," then exchanged it for the platform's proprietary fake virtual currency PTC, and realized profits and losses by purchasing Bitcoin and other virtual currencies with PTC on the platform.The criminals controlled the backend data to manipulate the trends of virtual currency candlestick charts and trading results, falsely claiming that hackers had stolen coins to cover up the funding gap, defrauding customers of 1,443,981 Tether, equivalent to over 9.4 million yuan. Among the victims were classmates and friends of the defendants, and many were employees of Jiarongteng Company. (Source link)

Chain Catcher News: Longyan police recently successfully cracked a case involving illegal operations related to digital renminbi, with a value of nearly 200 million yuan. The special investigation team traveled to multiple locations to conduct the investigation. A major lead in the case gradually emerged, indicating that a criminal gang led by Lai and Zhang was suspected of using digital renminbi, digital renminbi accounts, and virtual currencies to provide illegal fund settlement services for overseas gambling, telecom fraud, and other criminal activities. The amount involved is huge, with many individuals implicated, distributed across 13 provinces nationwide.On September 20, under the command of the Economic Investigation General Team of the Fujian Provincial Public Security Department, public security agencies at the city and county levels organized a unified operation, capturing 20 criminal suspects and seizing a batch of bank cards, successfully cracking this case involving illegal operations related to digital renminbi with a value of nearly 200 million yuan. (Source link)

Chain Catcher News: The Public Security Bureau of Fu'an City, Ningde, Fujian Province successfully dismantled a criminal gang that was operating in Fu'an, Xiamen, and other locations, suspected of providing illegal fund payment and settlement services for overseas gambling and fraud crimes using digital RMB, digital RMB accounts, and virtual currencies. The amount involved reached 100 million RMB, with 6 criminal suspects arrested, 11 bank accounts frozen, and a batch of tools seized. Currently, the 6 suspects have been criminally detained by the police. (Source link)