Not illegal, feel free to play.

You may have heard this countless times.

But the truth is:

You holding BTC, ETH, and USDT are walking in a gray area—it's not illegal, but it may not be protected either.

1. Personal holding ≠ absolute safety

Yes—

Personal holding of virtual currency and peer-to-peer transactions do not currently constitute a violation of the law.

But you must see two things clearly:

  • If the coin is lost, no one may care.

    Hacked, scammed, or transferred?

    The police may tell you:Virtual currency transactions are not protected by law and will not be filed.

    The court may also refuse to accept the case.


    The real danger begins with 'cashing out'

    As long as you convert the coins back to RMB, you have entered the real minefield.

II. The three major pitfalls of cashing out, stepping on one could be fatal


🔴 First Pitfall: De facto foreign exchange → Suspected of illegal business operations

Virtual currency can transfer globally in 1 minute, while our country implements foreign exchange controls.

Buying USDT with RMB → Exchanging for US dollars overseas

⚠️ Considered as de facto foreign exchange trading, it may be deemed illegal business.


🔴 Second Pitfall: Receiving stolen funds → Concealing criminal proceeds

Electric fraud and money laundering love to use USDT.

You sell coins and receive money, but the money from the other party is from fraud?

If the police come knocking, you need to prove 'I was unaware.'

Can't prove it? You could become an accomplice overnight.


Third Pitfall: Being an accomplice to the crime of operating a casino

Knowing that the other party is buying coins for gambling websites, and still continuing to sell?

This has constituted assistance in the crime of operating a gambling business.

III. Self-protection guide: Keep the last bottom line

Playing with coins is fine, but cashing out must be done with extreme caution:


Bottom line actions must be taken: The source of funds must be clear, know who the other party is, where the money comes from, and retain evidence throughout—chat records, wallet transactions, transfer vouchers. Reject outrageous premium temptations, outrageous premiums = trap for stolen goods. Reject suspicious parties with vague purposes or urgent attitudes? Stop immediately.

Conclusion

In the world of virtual currency, there is no absolute umbrella of protection.

Every transfer is a silent adventure.

You are staring at the profits,

the risks are staring back at you.

👉 Remember: There are no lights in the gray area, you are that light.

Before cashing out, ask one more question, check one more step — it might prevent imprisonment.#美联储重启降息步伐 $BTC #加密市场观察 #美SEC推动加密创新监管