On July 16, according to the official account of Huo Xiaolu, the defendant in a Chongqing case, He, was sentenced to three years in prison and fined 5 million yuan by the People's Court of Yubei District of Chongqing for the crime of illegal business operation. After the first-instance judgment, He was not reconciled and appealed to the Chongqing No. 1 Intermediate People's Court. During the appeal process, He claimed that the exchange business between virtual currency and RMB did not constitute the payment and settlement of funds, so it did not constitute the crime of illegal business operation. The Chongqing No. 1 Intermediate People's Court recently rejected the appeal and upheld the original judgment.