China has decreased BKEX staff for their illegal gambling through encryption contracts
A Chinese court found that the circulation of BKEX encryption contracts was an illegal gamble, as they issued a prison sentence to facilitate unauthorized betting.
A Chinese court ruled that the BKEX cryptocurrency exchange participates in the illegal gambling through the contract trading platform and sentenced many employees and agents to prison for their roles in the operation.
The People’s Court in Binggiang Province, Hunan Province, on January 29 determined BKEX contract transactions were a form of gambling online, and the persons concerned were partners in the crime of “opening a casino”.
According to to ruleBKEX allowed users to put bets using USDT (USDT), stablecoin linked to US dollar, high crane application – up to 1000X in some cases – to bet on bitcoin price movements (BTC), ether (ETH) and other cryptocurrencies.
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