You must be wary of OTC transactions that touch on these 7 crimes and may be found to be a crime

For OTC traders, the most worrying thing is whether the thing they do themselves is actually considered a legal business. You need to know that OTC trading earns hard money. You first have to save money and coins, then work hard every day on the computer, and endure fluctuations in currency prices before you can finally earn some profit yourself.

Hard work is acceptable; after all, it's about making money. But if you end up in jail because of this, you'll lose a lot. I am a good citizen, diligently watching computers and doing business every day. What I earn is a hard work of money. As a result, if I accidentally get myself into it, why should I do it?

However, there is nothing you can do about it; digital currency is inherently unpopular in China. From an official perspective, it can't get on the stage; the public can do whatever they want, but it can't cause crime. However,Digital currency is naturally favored by bad people. After all, it is easy to circulate (it only takes a few minutes from one end of the Earth to the other), has good anonymity (the deposit and withdrawal address is a bunch of numbers and letters), and easy to monetize (OTC transactions), and is simply an excellent medium for Xi money.

Judicial case research revealed that since 2016, there have been 158 criminal related cases involving digital currencies, involving various crimes such as pyramid schemes, fraud, drug trafficking, and theft. Here, it should be explained that conventional digital currency trading is 100% legal. In '13, documents from five ministries and commissions determined that digital currency is a legal item. Since it is a legal item, there will be no problem with trading. Since then, many judicial decisions have confirmed this.

What OTC merchants do is buy and sell digital currency. They use fiat to buy digital currency at a low price online, then sell digital currency at a higher price in exchange for fiat, and they earn the difference in price. As a result, for OTC merchants, most of these crimes have nothing to do with them.

Except for one: the crime of concealing criminal proceeds or proceeds of crime.

In the cases retrieved, the person involved mainly committed this crime because of some misconduct in the digital currency trading process. Therefore, OTC merchants must take this crime very seriously.

Let's take a look at this crime in detail:

[Crime of concealing or concealing the proceeds of crime] Whoever conceals, transfers, acquires, sells on behalf of a crime, or uses other methods to conceal or conceal the proceeds of crime shall be sentenced to not more than three years in prison, criminal detention, or control, and a single fine; if the circumstances are serious, the penalty is fixed-term imprisonment of not less than three years and not more than seven years, and a fine.

If a unit commits a crime as set forth in the preceding paragraph, the unit shall be fined, and supervisors directly responsible for it and other persons directly responsible shall be punished in accordance with the provisions of the preceding paragraph.

I don't know if anyone can see it. The key to distinguishing between a crime and not is:It is known that it is the proceeds of crime and the proceeds derived therefrom.In other words, if you know that the money you bought the currency came from a crime and made a deal with the other party, you will commit this crime.

Having said that, I think everyone will breathe a sigh of relief. After all, if you don't take the initiative to ask, who knows how the other party's money came from, and even if you ask them, they won't tell you, so it's definitely fine.

It's actually not that simple.

The definition of “knowing” here is not what we think, but there is a specific legal definition:

(1) Knowing that another person is engaged in criminal activities to assist in the conversion or transfer of property;

(2) Assisting in the conversion or transfer of property through illegal channels without proper reason;

(3) Buying property at a price significantly lower than the market without a valid reason;

(4) Assisting in the conversion or transfer of property without a valid reason and charging a “handling fee” significantly higher than the market;

(5) Assisting others to spread huge amounts of cash in multiple bank accounts or transfer them frequently between different bank accounts without proper reason;

(6) Assisting a close relative or other person with a close relationship to convert or transfer property that clearly does not match their occupation or property status;

(7) Other circumstances where it can be assumed that the perpetrator was aware.

As can be seen from this, for an OTC merchant, if the price is too low when receiving coins, charges too high processing fees, helps people save money in multiple accounts, and helps acquaintances save large amounts of money from unknown sources, it is all “aware.” In other words, as long as you do these things, you are suspected of committing a crime, even if you don't know where the money came from.

If OTC merchants run into someone asking you to do this kind of thing, they can't agree even if the bid is high; otherwise, they really want to go in.

Please refer to this case “”EXCLUSIVE: Suspected OTC merchant in Nanning arrested on suspicion of using USDT to help with telecom fraud and money laundering》

Author: Attorney Xia Wei

Source: Wu Says Blockchain Real