According to information from BlockBeats, on July 16, the Yubei District People's Court, Chongqing, sentenced defendant He Mou to three years in prison and a fine of 5 million yuan. He was convicted of conducting illegal business activities by participating in unauthorized payment and settlement transactions on cryptocurrency trading platforms, profiting from price differences.

After receiving the sentence, He Mou appealed to the Chongqing Intermediate People's Court. At the appeal hearing, he argued that exchanging virtual currency for RMB did not constitute financial payment and settlement, and therefore was not an illegal business activity.

However, after reviewing the case file, the Chongqing Intermediate People's Court decided to reject the appeal and uphold the original verdict.