A court in China, which has banned and still maintains the ban on Bitcoin (BTC) and cryptocurrencies transactions, has made a remarkable decision regarding cryptocurrencies.
According to a local news agency mp.weixin, a court has ruled that the Bitcoin and altcoin transactions of the crypto exchange BKEX are of a gambling nature.
The People’s Court of Pingjiang County, Hunan Province, recently announced its decision regarding the BKEX exchange and clearly defined the trading activities on the platform as gambling activities.
The employees and representatives of the stock exchange were sentenced for opening a casino.
The court decision stated that BKEX provided perpetual contract trading services where users bet with USDT in 2021 and used high leverage to bet on the price increase and decrease of cryptocurrencies such as BTC and Ethererum (ETH).
At this point, the court, which described BKEX’s services as gambling, accused BKEX of gathering people to gamble. The court stated that as of the date of the incident, BKEX platform had 270,000 contract trading users.
Finally, it is stated that the platform has achieved a cumulative net profit of approximately 54,797,677 USDT and the equivalent of about 300 million yuan by charging transaction fees during mandatory liquidation and betting processes, as well as withdrawal and betting processes.
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