Fujian Putian Court ruled on a virtual currency illegal foreign exchange case involving over 13.3 billion yuan

In the first half of 2025, the Hanjiang District People's Court of Putian City, Fujian Province, heard and sentenced a virtual currency-related criminal case. Yan, Zheng, Lin, and others used USDT to establish an underground foreign exchange network, recruiting clients through overseas chat apps and illegally exchanging RMB for foreign currencies using "U-coins." The bank transactions involved exceeded 13.3 billion yuan, with illegal transactions totaling 25.62 million yuan. The gang withdrew over 478 million yuan in cash from banks in various locations, purchased "U-coins," and transferred them to wallets belonging to upstream criminals, using them to launder cross-border funds and profit from the proceeds. During the trial, prosecutors extracted voice recordings from a co-defendant's phone and verified them to match Lin's voiceprint, establishing a connection between him and the accounts involved. Ultimately, the court found their actions guilty of illegal business operations and aiding in information network criminal activities. Yan, Zheng, Lin, and 15 others were sentenced to prison terms ranging from eight months to three years and fined. (Putian.com)