An intermediate court in Xilin Gol League, Inner Mongolia, has upheld the original ruling in a criminal case involving Ma, who was convicted of illegal business operations, according to a report cited by ChainCatcher from The Paper. The case is described as one of a series tied to fourth-party payment platforms that provided fund payment and settlement services for gambling platforms.
Court findings said that between May 24, 2022 and Oct. 18, 2023, Ma and four others handled illegal fund collection and payouts through third-party payment accounts. Part of the settlement process involved virtual wallets used to receive USDT and bank-card transfers, while some defendants were accused of taking commissions or rebates in the form of USDT and other virtual currencies.
The court said the operation used 105 merchants across 10 third-party payment companies and processed more than 2.95 billion yuan in settlement value. Ma was sentenced to four years and six months in prison and fined 3 million yuan. Five defendants who were arrested later were also convicted of illegal business operations and received prison terms ranging from three to six years.
According to The Paper, the Intermediate People’s Court of Xilin Gol League in Inner Mongolia has upheld the original judgment in a criminal case involving Ma, who was convicted of illegal business operations. The case was described as one of a series involving fourth-party payment platforms that provided payment and settlement services for gambling platforms.
In this case, some defendants were accused of receiving commissions or rebates in the form of virtual currencies such as USDT.
The court found that from May 24, 2022 to Oct. 18, 2023, Ma and four other people collected and paid illegal funds through third-party payment accounts. They also used settlement methods including virtual wallets to receive USDT and bank-card payments. The operation processed funds through 105 merchants linked to 10 third-party payment companies, with total settlement volume exceeding 2.95 billion yuan.
The court ultimately held that Ma had committed the crime of illegal business operations and sentenced him to four years and six months in prison, along with a fine of 3 million yuan. Five other defendants who were apprehended later have also been sentenced by the court for illegal business operations, receiving prison terms ranging from three to six years.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
