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Fujian Putian Court Rules Virtual Currency Illegal Forex Case, Involved Funds Exceed 13.3 Billion Yuan
Summary: According to reports, in the first half of 2025, the People's Court of Hanjiang District, Putian City, Fujian Province, tried and ruled on a virtual currency-related criminal case. Individuals such as Yan, Zheng, and Lin used USDT to establish an underground forex network, soliciting customers through overseas chat apps, illegally exchanging RMB and foreign currency ...
According to reports, in the first half of 2025, the People's Court of Hanjiang District, Putian City, Fujian Province, tried and ruled on a virtual currency-related criminal case. Individuals such as Yan, Zheng, and Lin used USDT to establish an underground forex network, soliciting customers through overseas chat apps, illegally exchanging RMB and foreign currency using 'U coins' as a medium. The bank transactions involved exceeded 13.3 billion yuan, with illegal transaction amounts totaling 25.62 million yuan.
The group withdrew over 478 million yuan in cash from banks in multiple locations, purchased 'U coins,' and transferred them to upstream criminal wallets for cross-border money laundering and profit. During the trial, the prosecution extracted voice recordings from co-defendants' phones, which were identified to match Lin's voiceprint, establishing his connection to the implicated accounts. Ultimately, the court found their actions constituted illegal business operations and aiding cybercrime, sentencing Yan, Zheng, Lin, and 15 others to 8 months to 3 years in prison, along with fines. (Putian News)
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Link: Fujian Putian Court Rules Virtual Currency Illegal Forex Case, Involved Funds Exceed 13.3 Billion Yuan [Copy]
