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Sichuan Court Tries Case of Stablecoin Selling Foreign Exchange, Involving Over 2 Billion RMB

Summary: According to reports, the Supreme People's Court released a typical case showing that the Intermediate People's Court of Leshan, Sichuan Province, is conducting a trial of a case involving illegal trading of foreign exchange using USDT. Between 2020 and 2021, Wan Moyuan and others illegally traded foreign exchange through the 'RMB-USDT-USD' method, involving over 2.34 ...

According to reports, the Supreme People's Court released a typical case showing that the Intermediate People's Court of Leshan, Sichuan Province, is conducting a trial of a case involving illegal trading of foreign exchange using USDT. Between 2020 and 2021, Wan Moyuan and others illegally traded foreign exchange through the 'RMB-USDT-USD' method, involving over 2.34 billion RMB. The court determined that they committed the crime of illegal business operations, with the main offender Wan Moyuan sentenced to 13 years and 6 months in prison and fined 1.14 million RMB, while other defendants also received sentences.

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Link: Sichuan Court Tries Case of Stablecoin Selling Foreign Exchange, Involving Over 2 Billion RMB [Copy]

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