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

Odaily Planet Daily News: The People's Procuratorate of Shanghai Jing'an District has initiated a public prosecution against a cross-border illegal virtual currency exchange case involving over 200 million RMB. The main culprit, Li, along with four other individuals, has been sentenced.

The court sentenced those involved to fixed-term imprisonment ranging from six years to two years and six months, and imposed fines ranging from 1.5 million RMB to 300,000 RMB. Four other individuals were granted a relative non-prosecution.

It is reported that the implicated company Z, by developing and packaging a virtual banking app, facilitated cross-border asset transfers for domestic clients using virtual currencies without obtaining the necessary license for foreign exchange business, charging a 3% service fee for the currency exchange.