Prosecutor's Daily: Three post-1995 men charged with illegal operation of virtual currency and foreign exchange trading, sentenced to up to 5 years in prison

According to Foresight News, the Procuratorate of Jianhu County, Jiangsu Province recently handled a new type of criminal case using virtual currency trading as a medium. In this case, three "post-95s" young men engaged in buying and selling foreign exchange "business" through virtual currency trading, completing more than 650 transactions in just a few months and exchanging nearly 30 million yuan in foreign exchange. After being prosecuted by the Jianhu County Procuratorate, Lin and three others were recently sentenced to five to one year and six months in prison and fined for illegal business operations by the court. The prosecutor's review found that Lin and three others used virtual currency as a medium to provide cross-border exchange and payment services to earn exchange rate differences. They used the special properties of virtual currency to bypass national foreign exchange supervision, affecting the effectiveness of foreign exchange management and the stability of legal exchange rates, disrupting the normal financial market order, and should be held criminally responsible for illegal business operations in accordance with the law.