The Shanghai Jing'an District Procuratorate cracked a virtual currency illegal exchange case involving over 200 million yuan, with multiple defendants sentenced.

Odaily reported that the Shanghai Jing'an District People's Procuratorate filed a public prosecution in a cross-border virtual currency illegal exchange case involving an amount exceeding 200 million yuan. The principal offender, Li, along with four 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 yuan to 300,000 yuan. Four other individuals were granted a relative non-prosecution.

It is reported that the involved company, Z, packaged itself by developing a virtual banking app. Without obtaining a license for foreign exchange business, it used virtual currencies to facilitate cross-border asset transfers for domestic clients, charging a 3% exchange service fee.