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According to The Paper, the People's Court of Gulou District, Fuzhou City recently concluded a case involving virtual currency investment disputes.
From October 2023 to April 2024, Chen transferred 480k yuan to Liu for foreign exchange investment projects, and Liu exchanged the funds into USDT and transferred them abroad to a trading platform for investment.
The Gulou Court held that the transaction pattern involved forming a closed loop chain of "receiving RMB → exchanging for USDT → cross-border transfer → buying and selling foreign exchange," which constitutes a disguised foreign exchange transaction, suspected of disrupting economic and financial order.
The court ruled to dismiss Chen's lawsuit and referred the relevant materials to public security authorities for handling.
Chen and Liu both appealed the first-instance ruling; the Fuzhou Intermediate Court rejected the appeal and upheld the original decision.