🚨Must See! Three Major Legal Red Lines in Cryptocurrency Trading, Serious Consequences for Crossing Them
In mainland China, trading cryptocurrencies hides many legal red lines. Once touched, the consequences can range from having your bank card frozen to facing criminal charges. Professional lawyers reveal three major red lines for you:
- Selling USDT to novices is risky: If you sell USDT to a novice and they transfer it to a third-party platform for investment or contracts, even if the transaction is completed, if the novice gets scammed due to their own issues, some law enforcement units may freeze the seller's receiving bank card and even list them as a criminal suspect.
- Cash transactions are prone to risks: Starting from the second half of 2024, there has been a noticeable increase in offline cash transactions of USDT, leading to many people being investigated by the police. The reason is that as long as the source of the received funds is from telecom fraud, the police will suspect that the party is involved in fraud and money laundering, directly sending them to detention centers.
- Be cautious when buying and selling USDT on exchanges: When buying and selling USDT on exchanges like some Yi and some An, if you do not verify the other party's information and they make non-real-name payments with funds that are fraudulent, the recipient's bank card will be judicially frozen, and they will also face refund and unfreezing processes. If it’s a USDT dealer, after their card is frozen, if there are frequent transactions, the police will initially conclude that they are suspected of money laundering, and they may even be pursued online.
To avoid “stepping on mines” in the cryptocurrency space, the following experiences are worth referencing:
- Self-improvement or seeking guidance: You can build a good investment foundation on your own or follow reliable mentors or communities for learning.
- Carefully choose investment projects: Do not invest blindly; thoroughly research the project background, blockchain platform, influential promoters, private placement situation, and the investment institutions behind it.
- Early involvement in potential projects: Observe and learn more, striving to buy in at a low price in the early stages of the project to gain initial profits.
- Stay calm and network for information: Control your emotions, don't be swayed by market fluctuations, while expanding your network and information channels.
- Grasp the timing of market entry and exit: The timing of entering the market is important, but choosing the appropriate exit timing is even more crucial.
ρꪊρρⅈꫀડMusk-themed puppy, Ethereum chain, 16K+ holding addresses! Must lay low in a bull market!
