According to foreign exchange management regulations, residents must exchange foreign currency at banks or designated foreign exchange exchange points approved by the State Administration of Foreign Exchange, otherwise it is illegal to exchange foreign currency. If found, relevant funds will be confiscated and a fine will be imposed. Individuals who illegally transfer the accumulated equivalent of more than US$ 200,000 will be investigated for criminal responsibility and can be sentenced to fixed-term imprisonment of not more than three years. It is illegal to exchange foreign exchange for others. It is illegal to exchange foreign currency privately, and if the circumstances are serious, it may even constitute a crime. According to the Regulations on Foreign Exchange Control, residents must go to a bank approved by the State Administration of Foreign Exchange or a designated foreign exchange exchange point to exchange foreign currency illegally. If found, relevant funds will be confiscated and a fine will be imposed. If the amount of foreign currency exchanged privately is especially huge and has a bad influence, it constitutes the crime of illegal business operation. Sentencing standard for the crime of illegal business operation: if the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or only be fined not less than one time but not more than five times the illegal income; If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years, and shall also be fined not less than one time but not more than five times his illegal income or his property shall be confiscated.
Illegal trading in foreign exchange has the following three points:
1, not buying and selling foreign exchange through designated foreign exchange banks or foreign exchange adjustment centers;
2. Buying and selling foreign exchange quotas without permission. State organs, organizations, enterprises and institutions in China have a certain amount of foreign exchange in accordance with state regulations, but they must use it within the scope of relevant regulations. However, some countries with single positions illegally buy and sell their foreign exchange quotas and obtain illegal benefits regardless of laws and regulations, which also belongs to illegal foreign exchange trading;
3. Other disguised trading of foreign exchange under the cover of legal forms is essentially illegal exchange of foreign exchange in RMB or in kind.
The maximum sentencing standard for the crime of illegally buying and selling foreign exchange is 15 years' imprisonment.
I hope the above content can help you. Please consult a professional lawyer if you have any other questions.
Legal basis: Regulations of People's Republic of China (PRC) Municipality on Foreign Exchange Control.
Article 45
Buying and selling foreign exchange without permission, buying and selling foreign exchange in disguised form, buying and selling foreign exchange in reverse, or illegally introducing and selling foreign exchange in a large amount, shall be given a warning by the foreign exchange administration organs, the illegal income shall be confiscated, and a fine of less than 30% of the illegal amount shall be imposed; If the circumstances are serious, a fine of not less than 30% of the illegal amount but not more than the equivalent value shall be imposed; If a crime is constituted, criminal responsibility shall be investigated according to law.