The Shanghai Jing’an District Procuratorate cracked an illegal virtual currency exchange case involving more than 200 million yuan, and multiple suspects were sentenced.

Odaily Star Daily reports that the Shanghai Municipal Jing’an District People’s Procuratorate has brought a public prosecution in a cross-border virtual-currency illegal foreign-exchange case involving more than 200 million RMB. The principal offender, Li, and 5 others were sentenced.

The court sentenced the relevant individuals to fixed-term imprisonment ranging from six years to two years and six months, and imposed fines ranging from 1.5 million to 300,000 RMB. In addition, 4 other individuals were exempted from prosecution (with relative non-prosecution).

It is reported that the case-involved Z Company packaged its operations by developing a virtual bank App. Without obtaining a foreign-exchange business operating license, it used virtual currency to transfer assets across borders for domestic customers and charged a 3% exchange service fee.