On July 16th, according to the Huo Xiao Law official account, a case in Chongqing involved a defendant named He who was sentenced to three years of imprisonment and fined 5 million yuan by the Yubei District People’s Court of Chongqing for illegally engaging in fund payment settlement services and making profits through price differentials on a certain virtual currency trading platform. After the first-instance judgment, He was not satisfied and appealed to the First Intermediate People’s Court of Chongqing. During the appeal process, He claimed that the exchange business he was involved in between virtual currency and Chinese yuan did not constitute fund payment settlement activities, and therefore did not constitute the crime of illegal business operations. After trial, the First Intermediate People’s Court of Chongqing recently ruled to reject the appeal and uphold the original judgment.
