The 200 million cross-trade case has been sentenced. The scheme of private bank packaging + cryptocurrency money laundering has finally been brought to prosecution. The money of high-net-worth individuals is not beyond the reach of the law.

Wu Shuo learned that the Jing'an District People's Procuratorate of Shanghai recently filed a public prosecution against a cross-border virtual currency illegal exchange case involving over 200 million RMB. The main culprit Li and four others were sentenced, while another four were granted relative non-prosecution. The investigation revealed that Company Z, since 2019, packaged itself as a "private bank" and, through domestic and overseas operating teams, used virtual currency as a medium for cross-border "counter" exchanges. They attracted high-net-worth individuals with overseas asset needs through study abroad and immigration intermediaries. The gang members exploited the anonymity and on-chain transfer characteristics of virtual currency to artificially sever the trail of fund flows, charging a 3% service fee, and exchanged the virtual currency for foreign currency abroad before depositing it into the clients' accounts.