A company that is changing the way the world mines bitcoin

BitcoinSistemi 2025-01-30 08:58:07

New Decision from China Court on Bitcoin and Cryptocurrencies!

A court in China, which banned Bitcoin (BTC) and cryptocurrency transactions and still maintains this ban, made a remarkable decision regarding cryptocurrencies. According to local Chinese news agency mp.weixin, a court has ruled that Bitcoin and altcoin transactions on a cryptocurrency exchange called BKEX constitute gambling. The People's Court of Pingjiang County, Hunan Province, recently issued its ruling on the BKEX exchange, clearly defining trading on the platform as gambling activities. He sentenced the relevant employees and representatives of the stock exchange for the crime of opening a casino. The court ruled that BKEX offered a perpetual contract trading service in 2021, where users placed bets with USDT and used high leverage to bet on the price increase and decrease of cryptocurrencies such as BTC and Ethereum (ETH). At this point, the court described BKEX’s services as gambling and accused BKEX of gathering people to gamble. The court stated that as of the date of the incident, the BKEX platform had 270,000 contract trading users. The decision finally stated, “The platform made a cumulative net profit of 54,797,677 USDT (equivalent to approximately 300 million yuan) by charging transaction fees from users during withdrawal and betting processes, as well as forced liquidation and betting.” *This is not investment advice. Continue Reading: New Decision from China Court on Bitcoin and Cryptocurrencies!