A Chinese court found BKEX’s crypto contract trading functioned as illegal gambling, sentencing employees to prison for facilitating unauthorized betting.
A Chinese court ruled that cryptocurrency exchange BKEX engaged in illegal gambling through its contract trading platform and sentenced several employees and agents to prison for their roles in the operation.
The People’s Court of Pingjiang County, Hunan Province, on Jan. 29 determined that BKEX’s contract transactions functioned as a form of online gambling, and those involved were accomplices in the crime of “opening a casino.”
According to the ruling , BKEX allowed users to place bets using USDt (USDT ), a stablecoin pegged to the US dollar, and apply high leverage — up to 1,000x in some cases — to wager on the price movements of Bitcoin (BTC ), Ether (ETH ) and other cryptocurrencies.
Read more,# BKEX Turns Out to Be a Casino: Roulette in the Crypto Realm
## Key Points:
– A Chinese court declared BKEX’s crypto contract trading as *illegal gambling* — surprise!
– The People’s Court of Pingjiang County found that BKEX was basically running an online casino without a license.
– Several employees were sentenced to prison for their role in this high-stakes game of financial chicken.
– Users could bet with USDt (USDT) and had leverage options that’d make even the most daring Las Vegas gambler think twice—up to a jaw-dropping 1,000x!
### Hot Take:
Looks like BKEX took the phrase “high-risk trading” to a whole new level. Next time you consider mixing crypto and gambling, just remember—you might end up playing with more than just your wallet. Who knew Binance could also stand for “Betting in Numbers A Casino Earns”? Time to play by the rules, folks! #JustInvestNews #CryptoCasino #BettingBig
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