Internal betting-type virtual currency perpetual contract platforms should be convicted of the crime of running a casino, Supreme People's Procuratorate issues article

Odaily: On June 15, the Supreme People's Procuratorate published a theoretical article stating that virtual currency perpetual contract platforms should be subject to piercing-style review: any platform that lacks genuine external order matching, settles internally, has operators acting as the house, and whose profits and losses depend on market price fluctuations should be identified as an online gambling platform and characterized as the crime of running a casino; the defense raised by platforms that they "cite public market data" does not hold. The article states that the crime of illegal business operations applies only to intermediary models with genuine external order matching and no house betting against users; currently, more than 95% of platforms on the market are internal betting operations, and actual controllers as well as technical development, operations and promotion, and fund settlement personnel may all be held accountable. Such transactions constitute invalid civil juristic acts; investors' claims for return of principal and payment of returns will in principle not be supported, and losses shall be borne by themselves.