TechFlow, October 29 — According to a report by 21st Century Business Herald, the Beijing Municipal People's Procuratorate released "Typical Cases of High-Quality and Efficient Financial Prosecution," disclosing a case involving illegal foreign exchange operations using cryptocurrency as the transaction medium.
The case revealed that between January and August 2023, Lin Moujia and four others used multiple bank cards to receive RMB funds from clients, then converted the RMB into USDT through several controlled accounts on Tether (USDT) trading platforms, completing cross-border fund transfers. This constituted de facto unauthorized foreign exchange trading. The total amount involved in the group's illegal operations exceeded 1.182 billion RMB.
On March 21, 2025, the Haidian District People's Court of Beijing handed down its first-instance judgment. All five defendants were sentenced to fixed-term imprisonment ranging from two to four years, along with corresponding fines. All defendants have admitted guilt and accepted punishment, and none have filed an appeal; the judgment has now taken formal effect.
