Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 12450
Markets: 96130
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
12450
Cryptocurrencies
55.82%
Bitcoin Share
BTC Pulse 2025-01-30 13:21:50

China Convicts BKEX Staff for Illegal Gambling via Crypto Contracts

China Convicts BKEX Staff for Illegal Gambling via Crypto Contracts

Court Finds BKEX Guilty of Operating Illegal Gambling The People’s Republic of China has jailed several workers and representatives of BKEX for operating illegal gambling using crypto contract trading. In a judgment dated 29 January, the People’s Court of Pingjiang County, Hunan Province ruled that BKEX’s trading system constitutes online gambling, which is illegal under Chinese law. Authorities ruled BKEX’s high-leverage crypto contract transactions were not standard financial trading but bets on the price movements, hence “opening a casino” according to Chinese law. How BKEX’s Trading Model Was Classified as Gambling BKEX users were allowed to place bets using USDT, a stablecoin pegged to the U.S. dollar. Traders could apply extreme leverage of up to 1,000x to speculate on the prices of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. The platform quickly started to grow: it attracted 270,000 users, with 60,000 active traders, and churned out a profit of 54.7 million USDT before law enforcement intervened. In the court’s decision, the risk-heavy speculation-laden nature of these deals was gambling rather than financial trading. BKEX’s Founder Tried to Evade Scrutiny The ruling said BKEX was set up in 2018 by Ji Jiaming via Chengdu Dechen BiKe TianXia Technology. He repeatedly altered the company’s registration information to avoid supervision from regulators. In 2021, Ji co-operated with Lei Le in setting up a perpetual contract trading system for BKEX. It soon became its main business and eventually attracted unwanted government attention. Prison Sentences for Employees and Agents The court convicted eight persons who participated in BKEX’s illegal operations and sentenced them as follows: Zheng Lei, a wallet engineer, was sentenced to two years and one month in prison, along with a 150,000 yuan ($20,900) fine and 1.34 million yuan ($186,600) in illegally obtained earnings. Wang, head of BKEX’s audit department , received one year and 11 months in prison, a fine of 52,000 yuan ($7,250), and liability for KYC verification and transaction processing. Dong had enlisted users through referral links and was paid $33,558 in commissions. He was handed a one-year and six-month suspended sentence and fined 35,000 yuan ($4,880), with 223,000 yuan ($31,000) of earnings confiscated. China’s Tough Stance on Cryptocurrency Anti-crypto Actions Include: The BKEX case is part of China’s wider crackdown on activities related to cryptocurrency, which the government considers a threat to financial stability. 2013: Prohibition on banks from processing crypto transactions. 2017: Prohibition on ICOs and crypto exchanges. 2021: A country-wide crackdown on crypto trading and mining. The BKEX case confirms once again that China adopts a zero-tolerance attitude toward unauthorized financial platforms and takes severe measures against crypto-related activities.

Most Read News



Cryptohopper
Market Cap
24h Vol
55.82%
Bitcoin Share
787
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.