TechFlow news, on April 25, according to the Guanling Autonomous County Court in Guizhou Province, a money laundering case involving "U coin" cash exchange was recently adjudicated. Four defendants were sentenced to fixed-term imprisonment ranging from seven months to one year and one month for the crime of concealing and disguising proceeds of crime.
The case showed that between September and November 2024, the four defendants, knowing the funds were criminal proceeds, still helped others transfer a total of 280,000 RMB in illicit funds through exchanging "U coin" for cash, earning 2,300 RMB in profit. The court ruled that the defendants' actions constituted the crime of concealing and disguising proceeds of crime. Considering circumstances such as voluntary surrender and confession, the sentences were handed down accordingly.
The court warned that illegal fund transfers using virtual currencies, including money laundering, will be severely punished by law.
