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A Shanghai court has sentenced people involved in a cross-border virtual currency wash-trading and FX exchange case worth over 200 million yuan. Five people were convicted and sentenced to prison for illegal operation.

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Deep Tide TechFlow message: On July 01, according to the Jing’an Procuratorate, the Shanghai Jing’an District People’s Procuratorate has, in accordance with the law, filed a public prosecution against a criminal gang that used virtual currencies to illegally exchange foreign currency through cross-border over-the-counter (OTC) trades. The gang, under the guise of an overseas “private bank,” provided illegal foreign exchange services to high-net-worth clients with overseas property purchase, immigration, or study-abroad funding needs, using an “RMB → virtual currency → foreign currency” OTC model. The gang charged a 3% exchange service fee. The case spanned 3 years, with the amount involved exceeding RMB 200 million. On June 10, 2026, the court held a hearing and pronounced judgment on the spot. Among the 9 people involved, 5 were sentenced to fixed-term imprisonment ranging from 6 years to 2 years and 6 months, and were fined ranging from RMB 1.5 million to RMB 3 million; the other 4 people were handled with a decision of not prosecuting due to relatively lighter circumstances. Currently, the Shanghai Branch of the State Administration of Foreign Exchange has initiated an administrative filing investigation against the persons not prosecuted, forming a closed-loop cross-border financial governance mechanism of “criminal accountability + administrative penalties.”
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