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Shanghai Jing'an District Procuratorate cracked a case of illegal foreign exchange involving over 200 million yuan in virtual currency, and multiple suspects were sentenced.

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ME News: On July 1 (UTC+8), the Shanghai Jing’an District People’s Procuratorate filed a public prosecution against a cross-border virtual currency illegal exchange case involving an amount exceeding RMB 200 million. The main offender, Li, and 5 others were sentenced. The court sentenced the relevant individuals to fixed-term imprisonment ranging from 6 years to 2 years and 6 months, and imposed fines ranging from RMB 1.5 million to RMB 300,000. In addition, 4 other people were granted a decision of non-prosecution on relative grounds. It is reported that the case’s Z Company packaged itself by developing a virtual bank App. Without obtaining a foreign exchange business operating license, it used virtual currencies to transfer assets for domestic customers across borders and charged a 3% exchange service fee. (Source: ODAILY)
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