Svmuu News: The Jing’an District People’s Procuratorate in Shanghai has filed charges in a case involving illegal cross-border virtual currency exchange with a total amount exceeding 200 million yuan; the principal offender, Li, and four others have been sentenced.
The court sentenced the individuals to prison terms ranging from six years to two years and six months, along with fines ranging from 1.5 million yuan to 300,000 yuan, while four others received conditional non-prosecution.
It is reported that Company Z, the entity involved in the case, developed a virtual banking app as a front. Without obtaining a license to conduct foreign exchange business, it used virtual currency to facilitate cross-border asset transfers for domestic clients and charged a 3% foreign exchange service fee.