China convicts BKEX staff for illegal gambling via crypto contracts
A Chinese court found BKEX’s crypto contract trading functioned as illegal gambling, sentencing employees to prison for facilitating unauthorized betting.
A Chinese court ruled that cryptocurrency exchange BKEX engaged in illegal gambling through its contract trading platform and sentenced several employees and agents to prison for their roles in the operation.
The People’s Court of Pingjiang County, Hunan Province, on Jan. 29 determined that BKEX’s contract transactions functioned as a form of online gambling, and those involved were accomplices in the crime of “opening a casino.”
According to the ruling, BKEX allowed users to place bets using USDt (USDT), a stablecoin pegged to the US dollar, and apply high leverage — up to 1,000x in some cases — to wager on the price movements of Bitcoin (BTC), Ether (ETH) and other cryptocurrencies.
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Author: Mehab Qureshi
