Shanghai Hongkou police have cracked a case of illegal settlement of virtual currency, involving a total amount of 200 million yuan

Shanghai Hongkou Public Security Branch has cracked a case of illegal cross-border settlement and foreign exchange trading of virtual currency using its own platform, and arrested 9 suspect, involving 200 million yuan. Li and others have been establishing a technology company since early 2024, building a platform for cross-border fund exchange and virtual credit card issuance and settlement, and profiting from fees such as transaction and service charges. Criminal gangs fabricate false contracts on cross-border fund exchange platforms to facilitate the exchange and transfer of virtual currency and RMB. They also issue virtual credit cards through overseas private banks on virtual credit card issuance and settlement platforms, and settle repayments in virtual currency.