Shanghai Jing'an District Procuratorate Cracks Down on Virtual Currency Illegal Foreign Exchange Case Involving Over 200 Million RMB, Multiple Suspects Sentenced

Odaily Planet Daily report: The People's Procuratorate of Jing'an District, Shanghai, has filed a public prosecution in a cross-border virtual currency illegal foreign exchange case involving an amount exceeding 200 million RMB. The mastermind, Li, and four other individuals have been sentenced.

The court sentenced the individuals 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. Another four 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 assist domestic clients in cross-border asset transfers, charging a 3% foreign exchange service fee.