- Franco Lee, also known as Jianwu Li, is facing trial for suspected money laundering of bitcoin after his arrest in June
- Lee allegedly facilitated large cash-crypto exchanges, earning significant commissions from transactions totaling €8.8 million over three years
- Authorities seized over €600,000 in cryptocurrencies from Lee, highlighting the scale of his operations and financial dealings
Franco Lee, a Chinese cryptocurrency influencer but a Roman by adoption, will stand trial.
Last June, the “centralized ATM” – as he liked to call himself – was arrested on suspicion of Bitcoin money laundering, and it has now been decided that he will go to trial without even going through a preliminary hearing.
In recent days, as reported by Repubblica Roma, Lee received the document that sets up the immediate trial against him. According to what the prosecutors have reconstructed, the Roman-Chinese influencer was procuring clients on social media.
He then invested and laundered money using cryptocurrencies.
The exchanges between cash and crypto
Franco Lee, whose real name is Jianwu Li, was born in China but lives in Rome. Over the years, he has become well-known as a crypto-influencer and has participated in some of the most important Italian events in the sector, starting with Blockchain Week.
According to the reconstruction by deputy prosecutor Lorenzo Del Giudice, Lee was contacted by anonymous clients on social media.
At that point, he proposed exchanging large sums of cash for cryptocurrencies (and vice versa). These exchanges took place in person, and for each investment, Lee took a fee of about 5% of the transaction. In some cases, prosecutors have reconstructed, Lee pocketed €100,000 with a single operation.
A business turnover of 8 million
When the Carabinieri arrested him last June, over €600,000 in cryptocurrencies were seized from Lee. “Although unknown to the tax authorities,” the investigation documents read, “he enjoyed wide availability of cash.” The business operations under investigation total €8.8 million over three years.
From all these transactions, Lee may have earned at least €617,000.
Conclusion
In conclusion, Franco Lee’s situation highlights the challenges and issues related to the use of cryptocurrencies in the financial sector.
His influencer activities, combined with cash and cryptocurrency exchange practices, have drawn the attention of the authorities, leading to a trial that could have significant implications for the regulatory landscape of cryptocurrencies in Italy.
With a turnover of over €8 million, Lee’s case represents a wake-up call for the industry and a reminder of the need for stricter regulation in the cryptocurrency sector.
