China Convicts BKEX Staff For Illegal Gambling With Crypto Contracts!

BKEX is a Chinese based cryptocurrency exchange. A Chinese court recently ruled that this cryptocurrency exchange engaged in illegal gambling through its contract trading platform. Not only are these exchanges involved in gambling they have many employees and agents who are involved in this gambling and have served several employees and agents in jail for their roles.

A Chinese court yesterday ruled that Chinese-based cryptocurrency exchange BKEX's contract transactions served as a form of online gambling and that those involved were complicit in the crime of "casino opening". In particular, these individuals were involved in various forms of gambling including futures trading.

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Futures trading is a type of financial contract where buyers and sellers agree to trade an asset at a set price at a future date. It is a form of gambling and there is an opportunity to use high leverage whereby traders in cryptos use leverage to speculate on price movements thereby amplifying both potential profits and losses. Their activities have been monitored by courts and they claim that these exchanges constitute illegal gambling under Chinese law, as they involve gathering people to place bets on financial outcomes.

BKEX was established last year 2018 through a one-of-a-kind technology. Although it later launched its operations through partnerships. However, since 2021 it has formed a team in Shenzhen to develop and promote new trading functions through a new permanent agreement. And through this team became an integral part of BKEX's activities.

By this time it was quite popular as the number of traders increased day by day and it was populated day by day and later on it earned 54.7 million USD before the authorities intervened. A total of eight people face criminal charges. However, through court investigations, many officials or employees of these wallets have been arrested and convicted of providing technical support to gambling operations.

Even after the founder of this wallet was found guilty, he was sentenced by the court to two years and one month in prison and fined 150,000 yuan. He was even sentenced to prison and his 1.34 million yuan was confiscated. Even the head of the exchange's audit department, who was responsible for verifying and processing transactions, was convicted and sentenced to two years in prison and fined nearly seven and a half thousand dollars. The ruling is part of China's ongoing crackdown on cryptocurrency-related activity, which the government considers a threat to financial stability. However, if you want to know more about it, you can read this news .