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The 'Abnormal' Business of U Merchants? Defense Points and Boundaries of Determination for Three Major Charges

In a case involving a U merchant trading USDT (Tether) with transactions worth billions, the defendant was accused of illegal foreign exchange operations using virtual currency. Despite the large scale and use of multiple bank accounts, which authorities viewed as suspicious, the author argues that the defendant’s actions do not constitute crimes such as illegal business operations, concealing criminal proceeds, or assisting information network crimes. The article explains that OTC trading of virtual currencies like USDT is not illegal in China, and many platforms and individuals engage in it legally. The key is whether the trader knowingly facilitated illegal activities, such money laundering or illegal forex transactions. For illegal business operations, conviction requires proof that the defendant knowingly assisted in illegal forex exchanges, as in a cited case where the defendant helped convert foreign currency to RMB via USDT. For concealing criminal proceeds, the author emphasizes that the funds involved are often the principal amounts from transactions, not criminal profits, so merely handling these funds does not meet the legal definition. For assisting information network crimes, the crime must involve online illegal activities; if forex transactions occur offline despite online communication, it doesn’t qualify. The conclusion stresses the need for strict legal scrutiny and avoiding presumption of guilt based solely on transaction scale or methods.

marsbit02/23 01:53