Fujian Putian Court ruled illegal foreign exchange case of virtual currency, with funds involved exceeding 13.3 billion yuan

Odaily Planet Daily News In the first half of 2025, the Hanjiang District People's Court of Putian City, Fujian Province heard and ruled a virtual currency-related criminal case. Yan Moumou, Zheng Moumou, Lin Moumou and others used USDT to build an underground foreign exchange network, solicited customers through overseas chat software, and illegally exchanged RMB and foreign currencies with "U coins" as a medium. The bank statements involved exceeded 13.3 billion yuan, and the amount of illegal transactions reached 25.62 million yuan. The gang withdrew more than 478 million yuan in cash from banks in many places, purchased "U coins" and transferred it to upstream criminal wallets, for cross-border funds laundering and profiting from it. During the trial of the case, the prosecutor extracted the voice from the accomplice's mobile phone and was identified as consistent with Lin's voiceprint, establishing his connection with the account involved. In the end, the court found that his behavior constituted the crime of illegal business operations and assisted with information network criminal activities, and sentenced 15 people including Yan, Zheng, Lin and others to fixed-term imprisonment ranging from 8 months to 3 years, and fined them. (Putian.com)