The Jing'an District Procuratorate in Shanghai has cracked a case involving illegal exchange of over 200 million yuan worth of virtual currency, and multiple individuals involved have been sentenced

The People's Procuratorate of Jing'an District, Shanghai, has filed a public prosecution for a cross-border virtual currency illegal exchange case involving an amount exceeding 200 million yuan. The main offenders, including Li, were sentenced to imprisonment ranging from six years to two years and six months, and fined from 1.5 million yuan to 300000 yuan. Four others were relatively not prosecuted. Z Company uses virtual currency to transfer assets across borders for domestic customers without obtaining a foreign exchange business license through the development of a virtual banking APP packaging, and charges a 3% exchange service fee.