The Fujian Putian Court ruled on a virtual currency illegal foreign exchange case, with the involved funds exceeding 13.3 billion yuan

ChainCatcher news, in the first half of 2025, the People's Court of Hanjing District, Putian City, Fujian Province, heard and ruled on a case related to virtual currency crimes. Individuals including Yan, Zheng, and Lin used USDT to build an underground foreign exchange network, soliciting clients through overseas chat software, and illegally exchanging RMB and foreign currencies using "U coins" as a medium. The bank transactions involved exceeded 13.3 billion yuan, with illegal trading amounts reaching 25.62 million yuan.

The gang withdrew over 478 million yuan in cash from multiple banks, purchased "U coins," and transferred them to upstream criminal wallets for cross-border money laundering and profit-making. During the trial, the prosecution extracted voice recordings from the mobile phones of co-defendants and identified them as consistent with Lin's voiceprint, establishing a connection between him and the accounts involved in the case. Ultimately, the court determined that their actions constituted the crime of illegal business operations and assisting in information network criminal activities, sentencing Yan, Zheng, Lin, and 12 others to prison terms ranging from 8 months to 3 years, along with fines.