This is illegal. Whoever illegally conducts foreign exchange transactions shall be convicted and punished for the crime of illegal business operation, and the maximum penalty shall be 15 years' imprisonment.
Illegal buying and selling of foreign exchange refers to the illegal buying and selling or disguised buying and selling of foreign exchange by institutions, units or individuals in China, foreign institutions and their staff in China and other foreigners in China in violation of the laws and regulations of the state on foreign exchange trading for the purpose of seeking illegal interests, and the circumstances are serious.
Illegal buying and selling of foreign exchange directly violates the normal management of foreign exchange by the state. Actors who buy and sell foreign exchange privately and fail to sell it to the Bank of China in accordance with regulations will inevitably reduce the country's foreign exchange reserves, affect the country's macro-management of foreign exchange, and undermine the only legal position of RMB in the domestic market. At the same time, there is a foreign exchange "black market" in large and medium-sized cities in China. Some foreign currency holders trade on the "black market" and exchange foreign exchange at a price higher than that of state price, which also disrupts the normal financial order, reduces the country's foreign exchange income, and greatly interferes with the effectiveness of foreign exchange management and the stability of the legal exchange rate.
Legal basis:
According to the provisions of Article 225 of the Criminal Law, whoever violates state regulations and disrupts market order, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall 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.
Two, the illegal trading of foreign exchange "serious" conditions.
Illegal fund payment and settlement business or illegal trading of foreign exchange, under any of the following circumstances, shall be deemed as "serious" illegal business activities:
(a) the amount of illegal business is more than five million yuan;
(two) the amount of illegal income is more than one hundred thousand yuan.
In any of the following circumstances, it shall be deemed as "particularly serious":
(a) the amount of illegal business is more than 25 million yuan;
(2) The amount of illegal income is more than 500,000 yuan.
I have sorted out so much about whether it is illegal for individuals to buy and sell foreign currency. We know that in practice, underground banks are the main body, and their methods are buying and selling foreign exchange and buying and selling foreign exchange in disguise. To know that it is illegal to conduct foreign exchange transactions privately, it is the best choice to do it knowing that it is impossible.